BharatPe Supports New UPI MDR Framework, Distances Itself from Ashneer Grover’s Criticism
· Business · Economic Times, Hindustan Times
Fintech firm BharatPe has publicly backed the new Unified Payments Interface (UPI) Merchant Discount Rate (MDR) framework, introduced by the government, while firmly distancing itself from former co-founder and CEO Ashneer Grover’s criticism. Grover, who left BharatPe in 2024, had called the 0.4% MDR on transactions above ₹2,000 a 'regressive step' that could harm mobile payments. BharatPe clarified that Grover’s views are personal and not reflective of the company’s stance, asserting that the new framework strengthens digital payments while protecting consumers and small merchants. The MDR change takes effect from October 15, with person-to-person transactions and small payments remaining exempt from fees.
Why it matters
The stance by BharatPe and the government’s MDR decision will impact merchants, consumers, and fintech companies, shaping the future of digital payments in India. It also highlights the growing divide between industry leaders on regulatory approaches to financial technology.
Read the original report — Economic Times
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