Well-regulated, market-based mechanism necessary for UPI MDR: Sharath Bulusu

Google Pay processed 37 percent of all UPI transactions in the country last month. While most digital transactions like UPI are free for customers, they come at a cost to fintechs and banks. Sharath BulusuDirector, Product Management, Google Pay, in a video interview with Ajinkya Kawaleexplains the rationale behind the need for a merchant discount rate (MDR) for UPI, the company’s focus on Indian languages ​​and its lending strategy.

According to details in the budget, funds allocated to incentivise fintechs and banks to facilitate free Unified Payments Interface (UPI) transactions have fallen by 42 per cent