UPI payments may no longer be free for businesses. A 0.4% merchant discount rate, or MDR, is set to take effect from October 15 for transactions over Rs 2000. While merchants are officially expected to bear the charge, traders say the cost could eventually be passed on to customers through higher prices. For small businesses and low-margin traders, the impact could extend across the supply chain – but refusing UPI could mean losing sales. Will this change the way India pays?
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