UPI MDR bonanza: Why Paytm may win bigger, but Pine Labs could gain faster

Economic Times - Sep 16, 2026

Paytm and Pine Labs stand to benefit from the new UPI MDR framework, but the impact could differ sharply. Paytm has a larger absolute revenue opportunity, with analysts estimating FY28 UPI MDR revenue of up to Rs 1,160 crore, while Pine Labs could see a bigger impact on earnings and profitability.

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