MDR on select UPI payments could generate an annual revenue pool of up to ₹20,000 crore for banks and payment providers, brokerages estimate. Goldman Sachs projects ₹20,600 crore, JPMorgan around ₹17,000 crore, Citi ₹16,000-₹17,000 crore and UBS ₹10,000-₹15,000 crore, with banks expected to retain a significant share of the overall revenue generated.
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UPI MDR Could Unlock ₹20,000 Crore Revenue Pool
