NPCI's new 0.4% MDR on select UPI merchant payments opens revenue pool for payment firms, brokerages estimate Paytm and Pine Labs impact

NPCI's new 0.4% merchant discount rate on select UPI merchant payments creates a new revenue pool for payment companies, with brokerages publishing estimates for Paytm and Pine Labs. The fee takes effect on 15 October 2026.

Detected & updated continuously · Source: Nebula