Positive impactSector
UPI MDR could create Rs 27,000 crore revenue pool by FY28: Bernstein
Economic Times 6 hrs ago·16 Sept 2026, 7:43 pm
Bernstein has estimated that a small levy on UPI transactions could generate a significant revenue pool for the banking sector. If a 40-basis-point charge is introduced, the total revenue could reach Rs 27,000 crore by fiscal year 2028. This income would be shared between issuing banks, UPI apps, merchant-side payment apps, and acquiring banks.
This development is important for investors as it highlights a new potential revenue stream for the financial ecosystem. While the fee is much lower than traditional card transaction charges, it signals a shift toward monetizing digital payments. It also aims to fund the ongoing maintenance and expansion of the UPI infrastructure.
Investors should watch for the official government stance on this proposal. If implemented, the move could benefit major players in the digital payments space. However, the success of this revenue model depends on how the fee structure is finalized and whether it encourages wider adoption of UPI.
Excerpt from Economic Times
UPI MDR could create Rs 27,000 crore revenue pool by FY28: Bernstein UPI MDR could create Rs 27,000 crore revenue pool by FY28: Bernstein A 40-basis-point MDR on UPI transactions could create a large revenue pool. Issuing banks and UPI apps will receive substantial portions of this estimated revenue. Merchant-side…Read the original at Economic Times
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