Will MDR On UPI Lift CRED, Navi, Groww And Other UPI Underdogs?

Will the MDR tide lift all UPI apps? That’s the big question as we enter the critical phase of discussions and consultations around monetisation of UPI payments in India.

The absence of the merchant discount rate or MDR on UPI transactions has long been a pain point for startups. India’s fintech sector has invested billions in creating the infrastructure needed for UPI payments penetration but has not seen much in the way of revenue upside.

The industry has argued that the inability to monetise UPI offerings has resulted in loss-making…