New Delhi, Sept. 18 -- Paytm could benefit from the new UPI merchant discount rate (MDR) framework through its presence across both consumer and merchant payments, with brokerages estimating a sizeable revenue opportunity and sharply raising their earnings estimates for the company.

Axis Capital said Paytm gains from the "dual levers of consumer and merchant side monetization" and estimated a potential upgrade of up to 40 per cent to its FY28 EBITDA estimate. The brokerage described consumer payment companies as "surprise winners", estimating a potential revenue pool of around Rs 4,500-6,000 crore, within an overall MDR revenue pool of around Rs 15,000-18,000 crore annually.

Axis Capital also said a higher contribution from payments to ...