UPI MDR above ₹2,000: Survey estimates 10% fall in UPI transaction value; 76% consumers may shift to cards or cash

A survey of over 67,000 UPI users suggests 76% may shift to cards, cash, or bank transfers for purchases above ₹2,000 if merchants pass on the proposed 0.4% MDR. However, UPI transaction value could fall 10% after the MDR rollout from 15 October, as consumers consider other payment modes.