BharatPe backs new UPI MDR framework; distances itself from Ashneer Grover's remarks
Clarifying that Grover's remarks do not reflect the company's stance, BharatPe said his views were made strictly in an individual capacity.
BharatPe expressed strong support for the new UPI Merchant Discount Rate (MDR) framework, while distancing itself from statements made by its former CEO Ashneer Grover. Grover's remarks were clarified as his individual views and do not represent the company's stance, as he has no association with BharatPe since 2024. Grover harshly criticized the UPI MDR changes on social media and industry panels, claiming they would kill mobile payments in India and were a regressive step the government should reconsider.
The new MDR framework was introduced by the government, which ended fully free UPI payments, imposing a 0.4% fee on transfers exceeding Rs 2,000 made to merchants from October 15, with a separate exemption for person-to-person transactions and small payments. BharatPe CEO Nalin Negi defended the new mechanism, stating it strengthens digital payments' economics while protecting consumers and micro and small merchants.
Around 96% of person-to-merchant (P2M) transactions will remain unaffected by the changes, with the framework creating resources to expand merchant acceptance and digital payment adoption, particularly in smaller towns and underserved markets.
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