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UPI merchant fees kick in October 15: Citi, Morgan Stanley, JPM name top beneficiaries

Posted on September 16, 2026
By Financial Express
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UPI merchant fees kick in October 15: Citi, Morgan Stanley, JPM name top beneficiaries

UPI merchant fees begin October 15, creating a potential Rs 17,000 crore annual revenue pool. Citi identifies Yes Bank as the clearest bank-level beneficiary, while JP Morgan and Morgan Stanley assess the broader impact.