New Delhi, Sept. 21 -- Pine Labs and Paytm are increasingly being drawn into the same conversation as India's digital payments industry enters a new phase of monetisation. Recently, NPCI introduced a 0.4% MDR on P2M UPI transactions above Rs.2,000 from October 15, 2026.

Pine Labs has gained 17% so far in September after rising 18% in August, while Paytm has added 5% this month following a 28% jump in August. The rally comes as investors assess the potential impact of NPCI's new MDR framework on payment companies.

The framework could create a recurring revenue stream for payment companies, with Pine Labs gaining attention due to its merchant acquiring and payment acceptance businesses.

Moreover, MOFSL initiated coverage on Pine Labs wit...