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GlobalData: Influencers Back 0.4% UPI MDR as Key to Ecosystem Monetisation
GlobalData reports that influencers on X largely view India's new 0.4% Merchant Discount Rate on Person-to-Merchant Unified Payments Interface transactions above INR 2,000 ($20.8) as a vital step toward monetising the UPI ecosystem. Shreyasee Majumder, Social Media Analyst at GlobalData, said influencers see the levy as creating a durable revenue base for banks, acquirers and payment platforms, funding payment infrastructure, cybersecurity and credit-linked services, and improving the financial outlook for payment companies, including supporting public listing plans for PhonePe and lifting forward earnings forecasts for merchant platforms such as Paytm and Pine Labs. Influencers expect larger merchants above monthly turnover thresholds to absorb the fee, while peer-to-peer transfers, recurring payments and rural QR codes remain exempt, though some merchants may push cash payments or other means to recover the cost on higher-value transactions. Commentators including MobiKwik CEO Bipin Preet Singh, Moneycontrol Executive Editor Chandra R. Srikanth, Emerging Payments Association Asia Chief Expansion and Innovation Officer Monica Jasuja, research analyst Abhishek Kothari and Capitalmind Mutual Fund CEO Deepak Shenoy stressed that the new UPI levy remains substantially lower than traditional debit card charges of 0.90% and credit card charges of 1.5-2.5%. Kothari said he now explicitly incorporates UPI MDR monetisation into Paytm and Pine Labs estimates, assuming roughly 30% of Paytm's UPI GMV is MDR eligible versus about 70% for Pine Labs, with Paytm capturing around 10bps of the MDR pie and Pine Labs 6bp. Influencers cautioned that in the long term the ecosystem must ensure infrastructure and value-added service improvements outweigh merchant cost pressures to preserve widespread digital adoption.
Coinbase Partners With Stablecore to Bring Stablecoins to 3,000-Plus Community Banks
Coinbase announced a partnership with Stablecore on September 16, 2026, embedding digital asset capabilities into the core banking systems used by more than 3,000 community banks and credit unions. The deal plugs Coinbase into existing core banking providers such as Q2 and Jack Henry, letting legacy institutions offer tokenized deposits, digital asset accounts, and collateralized loans without overhauling their technology stacks. It is Coinbase's second major distribution play in September alone: six days earlier, on September 10, the exchange partnered with Moov to bring stablecoin payments and real-time funding to another 1,000-plus institutions. Together the two deals reach into a US long tail of more than 4,700 community banks and 4,700 credit unions. Coinbase's Alec Lovett said community banks and credit unions should not have to choose between staying local and staying current, while Stablecore's Alex Treece said banks should not have to migrate to entirely new platforms to support digital assets. The push comes as the OCC's November deadline looms as a potential catalyst for federal clarity; PYMNTS Intelligence data shows 77% of consumers would open a stablecoin wallet through their existing banking or fintech application, but if the OCC deadline slips or the final rule narrows eligibility, the new integrations stay dormant.
Revolut Considering Dual Listing in New York and London, Says Founder
Nik Storonsky, founder and chief executive of the British fintech company Revolut, said the company is considering a dual listing in New York and London, confirming earlier press reports. In an interview with the French business newspaper Les Echos, Storonsky said that while the United States, with its larger market and easier access to investors, is the preferred listing destination, the company is in fact thinking of a dual listing on the London Stock Exchange and New York's Nasdaq. He added that building brand strength in the United States could allow customers to buy shares and take part in the initial public offering, potentially leading to a higher valuation in the market. The final listing depends on market conditions, but it is expected to be at least a year away, as prior reports have suggested 2028. London-based Revolut provides financial services through its app and has continued to expand since its founding in 2015, now serving 80 million customers worldwide. In a share sale last November, its valuation reached 75 billion dollars, making it Europe's most valuable startup. In April, the Financial Times reported that Revolut had told investors it was aiming for a valuation of up to 200 billion dollars at the time of its stock market listing.
