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Ahmedabad-based industrial marketplace Pneucons plans to stop accepting UPI for orders starting October 10, 2026, according to an October 4 report by Mint, which attributed the decision to co-founder Pritesh Lakhani. The report’s “94%” figure refers to an illustrative comparison between a payment charge and Pneucons’ stated commission on one example order—not to 94% of the company’s overall profit or every order.
Why Pneucons says it plans to stop UPI payments
Mint reported that Lakhani said a 0.4% merchant discount rate (MDR) on the full customer payment would sharply reduce Pneucons’ commission on larger orders. The key issue in his explanation is the difference between the order’s pre-tax value, on which the example commission is calculated, and the larger total paid by the customer, which includes GST.
Mint’s headline quoted Lakhani as saying, “MDR ate 94% of our margins.” That wording is attributable to him as reported by Mint; no primary statement or transcript was independently verified. The example below explains how the report arrived at 94%.
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How the reported 94% calculation works
Mint used a hypothetical ₹10,000 order before tax, with 18% GST. In that example, Pneucons’ 0.5% commission on the pre-tax order is ₹50. The customer pays ₹11,800 after GST; 0.4% of that full payment is ₹47.20. That charge is 94.4% of the example’s ₹50 commission, which rounds to 94%.
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| Illustrative item in Mint’s example | Amount | Basis |
|---|---|---|
| Order before GST | ₹10,000 | Example order value |
| GST at 18% | ₹1,800 | Added to the example order |
| Customer payment | ₹11,800 | Order value plus GST |
| Pneucons commission at 0.5% | ₹50 | Calculated on the ₹10,000 pre-tax order |
| MDR at 0.4% | ₹47.20 | Calculated on the ₹11,800 customer payment |
| Commission less the illustrated MDR | ₹2.80 | Before the report’s further discussion of GST on MDR |
These figures are Mint’s illustrative inputs and arithmetic, not verified data on Pneucons’ actual order mix, margins, or typical payment costs. The comparison does not mean the MDR rate is 94%: the rate in the example is 0.4%, and 94.4% is the charge’s size relative to the stated ₹50 commission.
What the 2026 UPI MDR framework says
The Ministry of Finance’s September 15, 2026 release describes MDR terms for specified UPI merchant payments; it does not establish that every UPI payment or merchant faces the same rate. Under the release, a 0.4% MDR applies to specified person-to-merchant (P2M) transactions above ₹2,000, with a ₹300 cap for transactions of ₹75,000 and above. The applicable merchant category matters.
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| Transaction or category described by the Ministry | Published MDR terms |
|---|---|
| Specified P2M UPI transactions above ₹2,000 | 0.4%; capped at ₹300 for transactions of ₹75,000 and above |
| Qualifying transactions above ₹2,000 in specified essential and thin-margin sectors, including railways, telecommunications, insurance, fuel, and agricultural inputs | Flat ₹5 charge |
| Specified capital-market payments | 0.02%; capped at ₹300 |
| P2P transfers, at any value | Free |
| Merchant payments up to ₹2,000 | Free |
| Eligible small merchants receiving up to ₹1 lakh per month through UPI QR codes in the P2PM category | Zero MDR |
The Ministry says MDR is borne within the merchant payment ecosystem and that banks have been advised to ensure merchants do not pass the charge to customers. Its release also estimates that approximately 96% of merchant transactions will remain unaffected; that is an economy-wide Ministry estimate, not a figure for Pneucons’ orders.
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The October 10 date is a reported plan: Mint attributed it to Pneucons co-founder Pritesh Lakhani. No primary Pneucons announcement or independent confirmation that the change was implemented was established in the reporting available for this article. The available information also does not establish which alternative payment methods Pneucons will offer or whether its customers will have other ways to pay.
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For a merchant assessing a similar decision, the relevant comparison is not just the headline MDR percentage. It depends on whether a transaction qualifies for a particular rate, the fee cap and amount the fee applies to, the merchant’s commission or gross margin, and the total processing cost of alternative payment methods. The example Mint reported illustrates why a payment fee calculated on the tax-inclusive customer payment can matter when a commission is calculated on the pre-tax value; it does not establish Pneucons’ actual economics across its business.
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