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Wire · operational-macro

UPI Could Create A Rs 22000 Crore Revenue Pool. Here's Who Stands To Gain

15 September 2026 · By · Wire by Fusion42

Published

15 September 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at ndtvprofit.com →

◆ Verified

Fusion42 · 15 September 2026 · Fusion42 review

Bernstein projects that a revised Merchant Discount Rate (MDR) of 40 basis points on UPI transactions in India could generate a Rs 22,000 crore revenue pool by FY28, with banks capturing Rs 14,000 crore and third-party payment application providers earning a significant share.

This Wire brief sits within Fusion42's coverage of Fintech, and 42 sources have reported it between 19 Jul 2026 and 16 Sep 2026.

◆ ◆ The Wire takeaway

The revised MDR framework opens a largescale revenue opportunity for Indian payment firms this year. You must position your product or partnership strategy now to secure a share of UPI's growing revenue pool.

◆ Coverage

42 sources · first reported 19 Jul 2026 · latest 16 Sep 2026

◆ Related on Wire

◆ Topics

Fintechupimdr-frameworkpayments-revenuefintech-india