Mint Explainer | Why the UPI merchant fee debate is back in focus
What happens if MDR does not return?
If the government sticks with zero MDR, the burden of sustaining UPI will continue to fall on banks, payment apps and gateways, even as the pool of government incentives remains limited. That includes consumer-facing apps such as PhonePe, Google Pay, Super.money, and MobiKwik, as well as payment gateways such as Razorpay, Cashfree and Juspay, which already earn from merchant services fees and other payment-related businesses.
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