India’s new merchant fee regime for Unified Payments Interface transactions could hand PhonePe and Google Pay a powerful revenue tailwind, with Bernstein estimating annual earnings of about $900 million by March 2028. The policy may deepen the lead of the two market leaders while nudging smaller rivals toward higher-value payments and broader rural expansion.
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"India’s UPI Fee Shift Set to Cement PhonePe and Google Pay Dominance"
India’s new merchant fee regime for Unified Payments Interface transactions could hand PhonePe and Google Pay a powerful revenue tailwind, with Bernstein estimating annual earnings of about $900 million by March 2028. The policy may deepen the lead of the two market leaders while nudging smaller rivals toward higher-value payments and broader rural expansion.
India’s UPI Fee Shift Set to Cement PhonePe and Google Pay Dominance
R
RDU Global Wire
BFSI & Fintech Desk
New Delhi, India Just now (04:43 AM IST)•5 min read
India’s new merchant fee regime for Unified Payments Interface transactions could hand PhonePe and Google Pay a powerful revenue tailwind, with Bernstein estimating annual earnings of about $900 million by March 2028. The policy may deepen the lead of the two market leaders while nudging smaller rivals toward higher-value payments and broader rural expansion.
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