PhonePe CEO backs MDR to sustain UPI growth
In short
At the BFSI Insight Summit 2026, PhonePe CEO Sameer Nigam said MDR should be brought back to keep UPI growing.
He also said PhonePe wants to expand payments for feature phones, cheaper credit and more financial services. The report does not say if the government will agree or when anything may change.
What the reporting says
At the BFSI Insight Summit 2026, PhonePe CEO Sameer Nigam called for restoring MDR to sustain UPI growth and outlined plans to expand feature-phone payments, affordable credit and financial services. The supplied summary does not give a timeline, rate or policy response from the government or NPCI. The immediate consequence is a renewed debate over payment economics and how new revenue may support growth in UPI-linked services.
Why it matters
At the BFSI Insight Summit 2026, PhonePe CEO Sameer Nigam argued that restoring MDR would help sustain UPI growth, while also pointing to plans around feature-phone payments, affordable credit and broader financial services. The summary does not state whether any regulator has accepted the view. The issue is important for PhonePe, other payment firms and UPI economics because MDR would affect how digital transactions are monetized.