Pine Labs vs Paytm: Is this new-age payments stock the next big bet? MOSL initiates coverage, check target, stop loss

Pine Labs and Paytm are increasingly being drawn into the same conversation as India’s digital payments industry enters a new phase of monetisation. Recently, NPCI introduced a 0.4% MDR on P2M UPI transactions above ₹2,000 from October 15, 2026.

Pine Labs has gained 17% so far in September after rising 18% in August, while Paytm has added 5% this month following a 28% jump in August. The rally comes as investors assess the potential impact of NPCI’s new MDR framework on payment companies.