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MDR on UPI to generate revenue of Rs 16k–20k crore: Brokerages

Posted on September 16, 2026
By Financial Express
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MDR on UPI to generate revenue of Rs 16k–20k crore: Brokerages

Brokerages expect the 0.4% UPI merchant discount rate (MDR) to unlock a ₹16,000–₹20,000 crore revenue pool by FY28, upgrading earnings for Paytm, Pine Labs, and banks.