UPI MDR bonanza: Why Paytm may win bigger, but Pine Labs could gain faster

Paytm and Pine Labs stand to benefit from the new UPI MDR framework, but the impact could differ sharply. Paytm has a larger absolute revenue opportunity, with analysts estimating FY28 UPI MDR revenue of up to Rs 1,160 crore, while Pine Labs could see a bigger impact on earnings and profitability.