Bengaluru, Sept. 16 -- Noting that roughly 70-80 crore UPI transactions take place every day, PhonePe founder CEO Sameer Nigam has said that the government's decision to introduce a 0.4 per cent Merchant Discount Rate (MDR) on merchant-related UPI transactions above Rs 2,000 will help industry generate revenue that can be reinvested into further growth.

In an interview with ANI, he also said that around 96% of transactions will remain free because the majority of UPI transactions in India are below Rs 2,000. He said the government decision on MDR is important for the long-term growth and sustainability of the UPI ecosystem.

"Around 96% of transactions will remain free because the majority of UPI transactions in India are below Rs 2,000....