End Of Free UPI? Why Fintech Startups Want MDR

India’s evolving fintech landscape has hardly witnessed a raging chorus, with every stakeholder – from regulators to startups and lenders – pressing for a change in guidelines. That’s what is taking the country’s $793 Bn fintech market, on course to surpass $2.1 Tn by 2030, by storm at the moment. 

The stakeholders have reached out to Prime Minister Narendra Modi, seeking a green light to charge large merchants on any UPI transactions above INR 2,000. The Merchant Discount Rate (MDR), which is the fee charged to merchants by banks…