Paytm and Mobikwik Share Price Gained Upto 7% Following NPCI's UPI Transaction Charge

Written by: Team Angel OneUpdated on: 16 Sept 2026, 4:50 pm IST

Paytm and Mobikwik shares surged up to 7% after NPCI introduced a 0.4% MDR on UPI transactions over ₹2,000, effective October 15, 2026.

Shares of digital payment platforms Paytm and Mobikwik experienced a rise of up to 7% following the National Payments Corporation of India's (NPCI) decision to levy a merchant discount rate (MDR) on UPI transactions above ₹2,000, effective from October 15, 2026.

One 97 Communications Limited (Paytm) and One MobiKwik Systems Limited have issued separate disclosures under Regulation 30 of the SEBI Listing Regulations.

These filings, addressed to BSE Limited and the National Stock Exchange of India Limited, pertain to a recent NPCI circular introducing a Merchant Discount Rate (MDR) for UPI transactions.

NPCI Circular and Fee Mandate

The NPCI circular no. NPCI/UPI/OC-No.237/2026-27, dated September 15, 2026, introduces a new fee structure.

This mandates a Merchant Discount Rate (MDR) of up to 0.4% for UPI Person-to-Merchant (P2M) transactions exceeding ₹2,000.

The fee structure is set to be effective from October 15, 2026, and applies to transactions nationwide.

Revenue Model and Consumer Impact

The introduction of the MDR is expected to create new revenue streams for both Paytm and MobiKwik.

Paytm anticipates incremental growth in its merchant business segment.

MobiKwik aims to earn from its consumer UPI Gross Merchandise Value (GMV) and also as an acquirer on merchant GMV.

Importantly, both companies confirm that transactions remain free for retail customers.

Impact of NPCI's MDR on Paytm and Mobikwik

On September 16, 2026, Paytm shares rose by 7% to reach a 52-week high of ₹1,856.50 on the BSE. Mobikwik's stock also increased by 6% to ₹214.

This surge was attributed to NPCI's announcement of a 0.4% MDR on person-to-merchant UPI transactions exceeding ₹2,000. The fee will be capped at ₹300 for transactions of ₹75,000 or more.

Transactions up to ₹2,000 and peer-to-peer transfers will remain free from MDR. Payments to small vendors, classified as P2PM, will also be exempt, benefiting businesses in rural and semi-urban areas.

As of September 16, 2026, at 10:49 AM, One97 Communications share price on NSE was trading at ₹1,739.00 up by 0.52% from the previous closing price.

As of September 16, 2026, at 10:50 AM, One MobiKwik Systems share price on NSE was trading at ₹197.66 down by 1.59% from the previous closing price.

Conclusion

Paytm shares rose by 7% to ₹1,856.50, while Mobikwik increased by 6% to ₹214 following NPCI's MDR announcement. Pine Labs' stock fell by 6% to ₹182. The MDR is set at 0.4% for transactions over ₹2,000, capped at ₹300 for ₹75,000 or more.

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Sep 16, 2026, 11:20 AM IST

Team Angel One

Team Angel One is a group of experienced financial writers that deliver insightful articles on the stock market, IPO, economy, personal finance, commodities and related categories.

Know More