Positive impactEconomy
Is October 2 ‘No UPI Day’? What you need to know as trade bodies, mobile retailers call off MDR protest
Mint 1 hr ago·1 Oct 2026, 4:31 pm
A planned protest by mobile retailers and trade bodies against the government's proposed 0.4% MDR (Merchant Discount Rate) on UPI transactions has been called off. The groups met Finance Minister Nirmala Sitharaman and agreed to withdraw their 'No UPI Day' campaign, which was scheduled for Gandhi Jayanti. This move signals a softening of tensions between the government and the retail sector regarding digital payment fees.
For investors, this development suggests a temporary resolution to a regulatory uncertainty that could have impacted the adoption of digital payments. The agreement avoids a potential disruption to the digital economy and maintains the government's push for a cashless society. Market participants should watch for the government's final notification on the MDR rates, which will clarify the exact impact on digital payment firms and their profitability.
Excerpt from Mint
The proposed ‘No UPI Day’ protest on October 2, Gandhi Jayanti, has been called off by AIMRA and AICPDF after their meeting with FM Nirmala Sitharaman. Here’s what the proposed 0.4% UPI MDR means, what retailers have sought and what customers should know. The UPI Merchant Discount Rate (MDR) of 0.4% is set to apply…Read the original at Mint
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