India's AI startups, propelled by PCI's MDR plea

In a letter to the Prime Minister's Office (PMO), the Payments Council of India (PCI), which represents payment businesses, has asked that the merchant discount rate (MDR) be reinstated for payments made using RuPay debit cards and the Unified Payments Interface.Making headlines: The digital payments sector has demanded that MDR be restored for major retailers in a letter to the prime minister. In order to make its case, PCI has also requested a meeting with the prime ministe.

The government announced a Rs 1,500 crore bank subsidy to boost UPI payments for small businesses in a gazette notice published on March 21. Nonetheless, the sector had projected a Rs 5,500 crore subsidy for the current fiscal year, which raised questions about the digital payments sector's long-term viability.Concerns regarding the financial viability of the digital payments sector were raised, nevertheless, as the industry had projected a subsidy of Rs 5,500 crore for the current fiscal year.