New Delhi, Oct. 8 -- The rollout of merchant discount rate (MDR) on select Unified Payments Interface (UPI) transactions may be deferred from October 15 to January 1, with a decision expected in the next few days.

The proposal, if approved, would delay the introduction until after the festive season, providing relief to retailers and businesses during the peak sales period. "The MDR is expected to take effect only after the festive season," Business Standard reported, citing sources.

The UPI and Service Steering Committee, headed by the National Payments Corporation of India (NPCI), met on Wednesday to discuss the timing and other aspects of the rollout.

The proposal follows concerns from traders and industry associations that MDR woul...