So I heard that it does buff your damage in PvE, and it already reduces drop off damage.
If both of these work in PvP that will be absolutely one of the best perks not only in Endgame PvE but also in PvP
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Explosive Payload in Pvp takes the Damage and spreads it out. Its mainly used to Cause Flinch. Especially if it's Paired with High Caliber Rounds, it cause more Flinch.