Subscribe

Mdr

Money & Machines: (UPI) Zero for Whom?; The Sovereign AI Dilemma

Money & Machines: (UPI) Zero for Whom?; The Sovereign AI Dilemma

18 Jul 2026, 12:28 PM

In this edition, we revisit the longest-running payments debate i.e. UPI MDR; and we explore what happens when sovereign AI, venture capital and national interest collide.

Visa

Visa's utility shift; an AI bet that isn't accidental

18 Dec 2025, 06:20 PM

A quick update on Visa’s move to discontinue the special pricing for utilities; and why TPG's JV with TCS to build AI data centres is not a mere coincidence.

Exclusive: ICICI Bank breaks zero-fee UPI model, starts charging payment aggregators

Exclusive: ICICI Bank breaks zero-fee UPI model, starts charging payment aggregators

30 Jul 2025, 11:49 AM

Interestingly, not just payment aggregators, the has decided to charge some large merchants – who use the bank’s UPI directly.

RBI governor hints at potential end to free UPI transactions

RBI governor hints at potential end to free UPI transactions

28 Jul 2025, 08:52 PM

India processed 18.4 billion UPI transactions worth Rs 24.04 lakh crore in June.

UPI’s Zero-MDR (Illusion) Model is Cracking – Who’s Really Paying the Price?

UPI’s Zero-MDR (Illusion) Model is Cracking – Who’s Really Paying the Price?

31 Mar 2025, 01:40 PM

While the government insists UPI is free, hidden charges, unsustainable incentives, and industry frustrations tell a different story.

Who Reads Us

Fintech Highlights

  1. Delhi HC orders winding up of Paytm Payments Bank, appoints official liquidator

  2. Easebuzz FY26 revenue up 10% to Rs 723 crore, net profit falls

  3. Pine Labs Q1 FY27 revenue up 19% to Rs 737 crore

  4. Vested gets IFSCA PSP approval to expand cross-border payments via GIFT City

  5. Atomberg-backer Inflexor Ventures marks first close of third fund at Rs 400 crore
  6. Read more news...

AI/Emerging Tech

  1. Revspot bags Series A funding co-led by Inflexor Ventures, Info Edge Ventures

  2. Aurionpro Q1 FY27 revenue up 6.3% to Rs 358 crore, net profit falls

  3. BusinessNext raises Series C funding led by ServiceNow Ventures at $700 mln valuation

  4. Fractal Q1 FY27 revenue rises 20% to Rs 913 crore, profit jumps 92%

  5. FireAI raises fresh funding from existing investor SucSEED
  6. Read more news...

IPO Tales

  1. Zepto IPO: Can this cash-hungry quick commerce model turn profitable?

  2. Turtlemint IPO: Behind its 8x revenue jump, an internal deal does the heavy lifting

  3. Shiprocket IPO: A profitable core, costly emerging bets

  4. Fractal IPO: A bountiful harvest for PE investors, now comes the real AI test
  5. Read more news...

Money & Machines

  1. Money & Machines: Ashneer Grover’s third attempt at Third Unicorn; Rise of AI-powered travel

  2. Money & Machines: (UPI) Zero for Whom?; The Sovereign AI Dilemma

  3. Money & Machines: Regulating crypto without regulating crypto; iMerit's human edge

  4. Money & Machines: Pricing Razorpay; Where is Indian PE in AI?
  5. Previous editions...

PE/VC Tales

  1. Inside the fintech bets of Blume Ventures

  2. There's much more to AI than just agentic AI: Inflexor's Harsha Mundhada

  3. Zetwerk-backer Kae Capital sees more exits in next 12 months, says AI startup valuations high

  4. Micro VCs: Fueling India's startup pipeline or distorting it?
  5. Read more news...

Editor's Pick

  1. Exclusive: Reserve Bank of India cracks down on misuse of education payments

  2. Inside Rebel Foods, Droom backer Lightbox's post-exodus reset

  3. The LAP rush and MSME mirage: Is fintech lending building its next risk? [Part-3]