Google Pay cornered 37 per cent of all UPI transactions processed in the country last month. While most digital transactions like UPI are free for customers, they come at a cost to fintech firms and banks. Sharath Bulusu, Director, Product Management, Google Pay, in a video interview with Ajinkya Kawale, explains the rationale behind the need for merchant discount rate (MDR) for UPI, the company’s focus on Indian languages, and credit strategy.
According to details in the Budget, funds allocated to incentivising fintechs and banks to facilitate free Unified Payments Interface (UPI) transactions are down 42 per cent
