Paytm Share Price in Focus; NPCI Revises TPAP Fees for RuPay Credit Card UPI Transactions

One 97 Communications Limited, the parent company of Paytm, informed stock exchanges that the National Payments Corporation of India has revised the TPAP and Payer PSP fees for RuPay Credit Card transactions conducted through UPI. 

The change was announced through a circular issued on March 10, 2026, and will come into effect from April 1, 2026.

The revision relates specifically to revenue earned by consumer UPI applications when they process transactions through the TPAP framework.

Reduction in TPAP Fee Structure

According to the NPCI circular, the TPAP fee for consumer payments made using RuPay credit cards on UPI has been reduced. For the Non-Industry category, the fee has been lowered from 8 basis points to 6 basis points. For the Industry category, the fee has been reduced from 4 basis points to 3 basis points.

This fee is paid to consumer UPI applications that facilitate transactions between users through the UPI ecosystem. The revised structure is expected to slightly lower the revenue earned by apps processing such payments.

Limited Financial Impact on Paytm

Paytm clarified that the change will have an immaterial financial impact on its overall business. The company highlighted that the vast majority of its payments revenue comes from merchant payments rather than consumer transaction processing.

Revenue generated from merchant-side services, including UPI merchant QR transactions, remains unaffected by the revised circular.

Focus on Merchant Payments and High-Margin Products

The company emphasised that it maintains a strong leadership position in merchant payments and continues to focus on monetisation through merchant-focused payment services. Merchant Discount Rate pricing remains unchanged because it is determined directly by the company for merchants it acquires.

Paytm also stated that its overall payment processing margin remains comfortably above four basis points. The company expects margins to improve further through increasing adoption of high-margin payment products such as Paytm Postpaid, EMI options, and RuPay Credit Card payments through UPI, where it earns merchant MDR.

Paytm Share Price Today

On March 11, 2026, Paytm share price opened at ₹1,041.20. At 11:50 AM, the share price of Paytm was trading at ₹1,029.10, down by 1.11% on the NSE.

Also Read: Paytm Share Price in Focus; RBI Imposes ₹18.76 Lakh Compounding Fee Under FEMA!

Conclusion

While NPCI’s revision reduces TPAP fees on RuPay credit card transactions through UPI, Paytm expects only a minimal financial impact. The company continues to rely primarily on merchant payment services and high-margin payment products to drive growth and profitability.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/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.