Ashneer Grover Warns UPI Mobile Payments Could Collapse If MDR is Imposed
Key Highlights:
- Ashneer Grover's Warning: Former BharatPe co-founder Ashneer Grover took to social media to call any potential MDR on UPI a 'backward step', warning that it could destroy India's smooth mobile payment infrastructure.
- Government Clarification: Finance Minister Nirmala Sitharaman clarified that no MDR has been implemented or decided yet. If applied in the future, the charge would be borne by merchants, not retail customers, aiming to support infrastructure and fintech security investments.
- Legislative Framework: The newly passed amendment bill creates a legal framework allowing the government to modify the current zero-MDR regime via future notifications, though decisions will be evaluated alongside NPCI and service committees.
