Mumbai petrol pumps may stop accepting UPI payments from October 15 over MDR

Mumbai, Sep 18 ( UNI) Petrol pump operators in Mumbai have warned that they may discontinue UPI payment facilities from October 15 if the Centre does not exempt fuel retailers from the revised Merchant Discount Rate (MDR) applicable to high-value UPI transactions. The Petrol Dealers Association of Mumbai has approached the Reserve Bank of India (RBI) and the union Finance Ministry, seeking a complete exemption for petrol and diesel retail outlets from the proposed MDR. The association has said that the additional transaction cost would put further pressure on the already tight margins of fuel dealers. Under the revised UPI…