Mobile Retailers to Observe October 2 as ‘No UPI Day’ Over Transaction Fee

New Delhi: Mobile phone retailers’ association 'All India Mobile Retailers Association' (AIMRA) has decided to observe October 2 as ‘No UPI Day’ in protest against the imposition of transaction fees on UPI payments.

A 0.4% fee will come into effect from October 15 on UPI transactions above Rs 2,000 made at business establishments. The association said the move would put small mobile retail shops under severe financial strain. A typical shop with an annual turnover of Rs 5 lakh to Rs 30 lakh would face an additional burden of Rs 2,000 to Rs 12,000, it said.

With the fee coming into effect, small mobile traders across the country would lose Rs 40 crore a month under this head, according to the association. This would amount to a loss of Rs 500 crore annually.

“This is a sector where profit margins are small and transactions involve large amounts,” said Tarwinder Singh, president of AIMRA Delhi-NCR.

As part of the protest, QR codes displayed at shops will be covered with black cloth. The association has also announced that UPI payments will not be accepted on that day.