Indian Startup News on Instagram: “PhonePe co-founder and CEO Sameer Nigam defended the new MDR framework for select UPI merchant transactions above Rs 2,000 in an interview with India Today’s Rajdeep Sardesai. Asked about criticism from former BharatPe co-founder Ashneer Grover. “I won’t comment simply because I don’t, I don’t take him seriously”, Nigam said. Nigam argued that the payments industry should not depend on taxpayer-funded government subsidies, saying banks and fintech companies spend around Rs 10,000-12,000 crore annually at current UPI volumes. He said government subsidies of around Rs 2,000 crore have not been enough to cover industry costs, adding that payment companies need a sustainable revenue model rather than continued dependence on subsidies. #phonepe #bharatpe #ashneergrover #UPI #payments #digital #indianstartupnews”