New Delhi, Sep 30 (GNS): Traders’ bodies have called off their proposed ‘No UPI Day’ on October 2 after meeting Union Finance Minister Nirmala Sitharaman in New Delhi on Wednesday.

A delegation of around 20 senior representatives from leading trade organisations met the Finance Minister to discuss concerns over the proposed Merchant Discount Rate (MDR) on certain UPI transactions.

The delegation was led by Chandni Chowk MP and Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal.

Traders flagged apprehensions that the proposed 0.4 percent fee on merchant UPI transactions above Rs 2,000, slated to come into effect from October 15, could increase financial burden on small and medium businesses, especially ahead of the festive season.

Following the meeting, the All India Consumer Products Federation and the All India Mobile Retailers Association withdrew their earlier call for a nationwide ‘No UPI Day’ on October 2.

Trade bodies, however, are seeking deferment of the proposed MDR, citing its potential impact on retailers and small businesses during the festive period.

Discussions are expected to continue as traders seek further clarity on the proposed fee structure and its implications for digital payments.(GNS)