Banks rethink UPI play; Big Tech's AI pivot dents Indian IT
Banks are reassessing their UPI strategies following the return of the merchant discount rate (MDR) on transactions, effective October 15, which could generate a ₹26,200 crore pool by fiscal 2028. Meanwhile, Indian IT firms face a potential loss of up to $20 billion in outsourcing revenue as Big Tech companies pivot to AI, impacting the industry significantly over the next two years.