UPI MDR above ₹2,000: Survey finds 76% of consumers may shift to cards or cash if merchants pass on 0.4% fee

The proposed 0.4% Merchant Discount Rate (MDR) on UPI Person-to-Merchant (P2M) transactions above ₹2,000 is set to take effect from 15 October, with merchants liable to pay it.

While merchants have expressed concerns about bearing the charge, a new LocalCircles survey suggests consumers may also resist paying it if merchants pass the cost on to them.