One 97 Communications Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) - Introduction of MDR on UPI P2M transactions above ₹2,000
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NPCI, via a circular dated September 15, 2026, has introduced a Merchant Discount Rate (MDR) of up to 0.4% on UPI Person-to-Merchant (P2M) transactions exceeding ₹2,000, effective October 15, 2026. Earlier, UPI merchant transactions carried no charge. While customers will continue to pay nothing for UPI payments, merchants (or in practice, payment aggregators like Paytm) will now earn a small fee on larger transactions. Paytm has stated this change will generate additional revenue for its merchant business from transactions that were previously free. The company said it will make further disclosures once the circular becomes effective and its financial impact is ascertained.
This is a positive structural change for Paytm's payments and merchant business, as it creates a new revenue stream on high-value UPI transactions (above ₹2,000) that were previously zero-fee. The actual impact on revenue and earnings will depend on the share of Paytm's UPI volumes above the ₹2,000 threshold and the final MDR charged.