UPI could generate Rs 22,000 crore annually by FY28 through a modest merchant discount rate. Banks might receive Rs 14,000 crore and payment apps Rs 7,000 crore from this pool. This revenue stream focuses on higher-value transactions above Rs 2,000, which dominate transaction value. The government notification exempts smaller UPI transactions from any charges. This creates a pathway for monetising a significant segment of merchant payments.