India, April 14 -- India's evolving fintech landscape has hardly witnessed a raging chorus, with every stakeholder - from regulators to startups and lenders - pressing for a change in guidelines. That's what is taking the country's $793 Bn fintech market, on course to surpass $2.1 Tn by 2030, by storm at the moment.

The stakeholders have reached out to Prime Minister Narendra Modi, seeking a green light to charge large merchants on any UPI transactions above INR 2,000. The Merchant Discount Rate (MDR), which is the fee charged to merchants by banks or payment service providers for processing digital transactions through the Unique Payment Interface (UPI), was brought down to zero from January 1, 2020, to push for digital payments.

But t...