BharatPe has expressed support for the new UPI Merchant Discount Rate framework while distancing itself from former CEO Ashneer Grover's public criticism of the move.
Reader brief
Through the Reader lens: BharatPe, a major Indian fintech firm, has publicly endorsed the new Merchant Discount Rate (MDR) framework introduced by the National Payments Corporation of India, stating it will help build a sustainable payment ecosystem. This statement follows public criticism from former co-founder and CEO Ashneer Grover, who argued the new fees would ultimately impact consumers. BharatPe clarified that Grover is no longer associated with the company and his views do not reflect the firm's official position.
What to watch next
- Public reaction from merchants regarding the new MDR implementation
- Further government or NPCI clarifications on the impact of the MDR framework on consumers
What was said2
Attributed, verbatim. Every quote is checked against the article it came from. One that does not match is not shown.
Nalin Negi
1 quote“The new MDR framework proves that UPI will remain free for consumers while building a sustainable, robust and stronger payments ecosystem.”
In the article
…ecosystem. This comes as the company's co-founder and former CEO Ashneer Grover strongly criticised the move and claimed that the cost will be passed on to the customer eventually. Nalin Negi, CEO BharatPe said, “ The new MDR framework proves that UPI will remain free for consumers while building a sustainable, robust and stronger payments ecosystem. Consumers continue to pay no charges for UPI, while micro and small merchants under the P2PM framework remain protected with Zero MDR," reported news agency ANI. Deep Dive Also read: 'End of day consumer pays': Ashneer…
Ashneer Grover
1 quote“Then call it tax. Why are you calling it a ‘charge’, ‘MDR’, or claiming that it won't affect the customer?”
In the article
…to UPI payments should clearly be called a “tax”. When asked in an interview with Times Now about the argument that only those who can “afford” the fee are being asked to pay it, Grover shredded the logic and said, “ Then call it tax. Why are you calling it a ‘charge’, ‘MDR’, or claiming that it won't affect the customer? ". - ABOUT THE AUTHORHT News DeskFollow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk…
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