UPI MDR heatmap: SBI, ICICI Bank, Axis Bank and PhonePe stand to gain, retailers could pay more: Report

Banks and fintech firms such as State Bank of India, ICICI Bank, Axis Bank, PhonePe and PayU could emerge as the biggest beneficiaries if the government restores Merchant Discount Rate (MDR) on select UPI transactions, while organised retailers, jewellers and hospitality businesses may bear the highest costs, according to an industry heatmap.