Survey sees UPI value falling 10% after MDR rollout
In short
A LocalCircles survey says UPI payments could fall after October 15 if merchants pass on the MDR. The Business Standard summary says volumes may drop 4% and value 10%, as people move to cards, cash, or bank transfers.
The report does not say how many merchants will pass on the fee or whether the change has already begun. The impact on payment volumes is still only a forecast.
What the reporting says
LocalCircles estimated UPI transaction volumes could fall 4% and value 10% if merchants pass on the MDR after October 15, according to a Business Standard summary. The report says consumers may shift to cards, cash, and bank transfers, but it does not say whether the rollout has started or how broad the merchant pass-through will be. The forecast points to potential payment disruption.
Why it matters
LocalCircles estimated that UPI transaction volumes could fall 4% and value 10% if merchants pass on the MDR after October 15, according to the Business Standard summary. The likely shift would be toward cards, cash, and bank transfers. The reporting does not confirm the rollout details or the extent of merchant adoption.