 "UPI, UPI payments, UPI payment")
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All the players are moving huge amounts of money on behalf of consumers, and merchants. Photo: Shutterstock
Google Pay has cornered 37 per cent of all UPI transactions processed in the country last month. While digital transactions like UPI are generally free for customers, they incur costs for fintech firms and banks. Sharath Bulusu, director of product management, Google Pay, explains to Ajinkya Kawale in a video interview the rationale for implementing a Merchant Discount Rate (MDR) for UPI and outlines the company’s credit strategy.
According to Budget details, funding allocated to incentivise fintechs and banks for facilitating free Unified Payments Interface (UPI) transactions has decreased by 42 per cent compared to the previous
