India’s digital payments story had a strong week. Brokerage Macquarie upgraded Paytm to Outperform and raised its target price by 64% to Rs 2,025, citing merchant discount rate revenues, higher earnings estimates, and a sharper margin trajectory. The call makes Paytm its top fintech pick.

UPI’s global pitch

Separately, the Prime Minister pitched a global connect for UPI, urging wider international acceptance of the home-grown payments rail. With UPI volumes continuing to scale at home, policymakers see cross-border linkages as the next frontier.

Festive tailwinds

The upgrade lands just ahead of peak festive spending, when digital transactions typically surge. Analysts say the combination of regulatory clarity and rising merchant adoption has steadied the sector’s outlook.

The road ahead

Competition remains intense and margins thin, but the direction of travel is clear: India’s payments stack is moving from domestic scale to global ambition.