The reintroduction of MDR could significantly impact merchants, especially large businesses, as they may bear additional costs for UPI transactions. While small businesses and consumers are expected to remain exempt, the move could alter the dynamics of digital payments in India. Payment service providers like Paytm and Google Pay may benefit from the potential revenue generated, estimated to be between ₹50 billion and ₹100 billion annually. However, there is a risk that merchants might pass on these costs to consumers, potentially discouraging the use of UPI for high-value transactions.