Why your Diwali shopping is more important than MDR on UPI

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Around mid-September, shops in parts of Ghaziabad started putting up signs: carry cash, because UPI wouldn’t be accepted. They were protesting a new 0.4% merchant fee on UPI payments above 2,000 rupees, which was due to start on October 15. Two days before that, NPCI, the body that runs UPI, put it on hold until after Diwali. On this episode, we look at what the fee is, where the money would go, why shoppers aren’t supposed to pay it, and whether that will stay the case once the festive season…