UPI’s zero merchant discount rate regime is set to change from October 15, with Citi, JP Morgan and Morgan Stanley assessing the impact of new merchant charges on banks and the wider payments ecosystem. Citi has provided the most detailed bank-level assessment, identifying Yes Bank as the biggest potential beneficiary, followed by several other lenders. JP Morgan estimates the new framework could create an annual revenue pool of around Rs 17,000 crore across the UPI ecosystem, while Morgan Stanley also sees Yes Bank as a relative beneficiary.