UPI MDR: Google Pay leads, Paytm to gain; what Goldman Sachs, Jefferies see for other UPI players

The new UPI MDR framework is set to create a sizeable revenue opportunity for payment companies, with Goldman Sachs and Jefferies assessing significant gains for Paytm and other players. While the 40-bps MDR applies to eligible P2M transactions above ₹2,000, exemptions and lower rates for specific categories will determine the actual impact.