UPI growth pushes banks to look beyond payments for revenue: McKinsey

India's UPI has driven rapid growth in instant payments, pressuring banks' traditional payment revenues and pushing them and fintechs to expand into lending, merchant solutions, and value-added services. The evolving regulatory environment, including the potential introduction of Merchant Discount Rate charges for large merchant transactions, further shapes this shift.

This Wire brief sits within Fusion42's coverage of Fintech, and 2 sources have reported it.