Jaipur: Traders and business organisations across the city observed a ‘No UPI Day’ Friday in protest against the proposed charges on certain digital payments that go into effect from Oct 15, with several markets reporting sharp reductions in UPI transactions over the day.Business establishments of all types and sizes displayed posters calling for cash-only payments, while many traders wore black bands as a mark of protest.The campaign was launched by Bharatiya Udyog Vyapar Mandal (BUVM) national president Babulal Gupta from Gandhi Vatika after he paid tributes to Mahatma Gandhi on the occasion of Gandhi Jayanti.According to the organisation, reports from different states indicated that UPI transactions were stopped completely in several places Friday, with some markets recording up to 60% reductions. At the city’s Muhana Mandi, traders and businesses were seen accepting cash payments only during the campaign.BUVM is protesting the new framework of Merchant Discount Rate (MDR) charges proposed by the Union govt on specific categories of UPI-linked transactions.The organisation opposes the new rules under which customer-to-merchant UPI transactions above Rs 2,000, when involving traders making more than one lakh UPI transactions per month, would attract an MDR of 0.4%. It is also against a proposed Rs 5 charge on transactions involving telecom, railways, insurance, fuel and agriculture-related goods and services, besides an MDR of 0.02% on payments linked to mutual funds, securities, stockbrokers and dealers.BUVM is demanding that any additional costs incurred by banks and digital payment facilitator companies be recovered from other sources rather than being passed on to UPI users.It also demands that UPI remain a transparent, independent and cost-free payment platform, free from any additional financial burdens on users.
