Paytm, Pine Labs Set to Gain From New UPI MDR Framework

Paytm and Pine Labs are positioned to benefit from the newly introduced UPI merchant discount rate (MDR) framework, though the outcomes are expected to differ significantly. Paytm holds a larger absolute revenue opportunity, with analysts projecting UPI MDR revenue of up to Rs 1,160 crore by FY28.

Pine Labs, however, could experience a more pronounced impact on earnings and profitability relative to its size, suggesting the framework change may prove more transformative for the smaller payments player.