India, March 26 -- Update | March 26, 3:25 PM

A couple of days after the Payments Council of India (PCI) sought reinstatement of merchant discount rate (MDR) on UPI payments and RuPay transactions, recently formed startup body Startup Policy Forum (SPF) has announced its support to the PCI's proposal.

"The two-tiered model of MDR ensures this balance by exempting small merchants from the proposed MDR framework and preserving the extant zero MDR framework for them. This distinction will also ensure the long-tail of small value merchants have adequate impetus to up-ramp and experience digital payments acceptance ensuring UPI witnesses the next wave of growth," the SPF said in a statement.

Founded in December 2024 by ex-Peak XV exec Shwet...