business πΈ Ghaziabad traders switch to cash over UPI MDR
Several traders in Ghaziabad, Uttar Pradesh, have started displaying notices accepting only cash for transactions. This protest is against the new 0.4% Merchant Discount Rate (MDR) for UPI payments exceeding Rs. 2,000. This new framework is scheduled to take effect from October 15, impacting high-value purchases. Traders worry about absorbing this extra cost, which could squeeze already thin profit margins. Moving forward, the government aims to keep the MDR within the payment ecosystem, but local businesses are concerned. π