Indian Govt serves up the UPI MDR removal that the payments industry has been waiting for

Update/Correction: An earlier version of this piece assumed that the MDR on a UPI transaction accrues entirely to the consumer-facing app that initiates it, especially PhonePe. That assumption was wrong, and it inflated my estimates of what PhonePe and Google Pay stand to gain. I’ve received several well meaning comments on this from folks in the industry I trust, ranging from “grossly wrong” to “needs correcting”.