Following the introduction of the merchant discount rate (MDR), brokerages expect a new revenue pool for the payments industry, estimated at Rs 16,000–Rs 20,000 crore by FY28, and have accordingly revised earnings estimates for payment aggregators. Under the revised framework, eligible person-to-merchant (P2M) transactions exceeding Rs 2,000 will be subject to a 0.4% merchant discount rate (MDR), with a maximum charge of Rs 300 per transaction.