Paytm, Mobikwik share prices crash up to 10% amid UPI MDR delay buzz

According to reports, the implementation of the new UPI MDR framework is likely to be deferred to January 1, 2027 from the earlier proposed October 15 rollout, with no final decision yet.

Paytm, Mobikwik shares price movement

 

Shares of digital payments platform companies Paytm and Mobikwik were under pressure falling up to 10 per cent on the BSE in Thursday’s intraday deals amid reports that the implementation of the new UPI merchant discount rate (MDR) framework is likely to be deferred to January 1, 2027, with no final decision yet.

 

Share price of One 97 Communications, the parent company of Paytm, tanked 10 per cent to ₹1,560.60 on the BSE. Till 09:28 AM, a combined 3.64 million shares changed hands on the NSE and BSE.

 

With Thursday's fall, the stock price of the fintech company slipped 16 per cent from its 52-week high of ₹1,856.50 touched on September 16, 2026. Prior to that, the market price of Paytm appreciated by 96 per cent from its 52-week low of ₹947.15 hit on March 30, 2026.

 

 

Pioneer of the mobile payments, QR and Soundbox revolution in India, Paytm is India’s leading payments and financial services Distribution Company.

 

Meanwhile, the share price of One Mobikwik Systems was down 7 per cent at ₹238.25 on the BSE in intra-day deals on profit booking. In the past three trading days, the stock rallied 22 per cent. A combined 6.76 million shares changed hands on the NSE and BSE.

 

MobiKwik is India's largest digital wallet offering a comprehensive range of payments and financial products to consumers and merchants.

 

Why are Paytm, Mobikwik share prices under pressure?

 

According to media reports, the implementation of the new UPI MDR framework is likely to be deferred to January 1, 2027 from the earlier proposed October 15 rollout, with no final decision yet. READ MORE

 

In September 2026, the government announced a MDR of 0.4 per cent on UPI payments above ₹2,000, with an upside cap of ₹300 per transaction.

 The proposed delay aims to give merchants, banks and payment firms additional transition time during the peak festive season, while the underlying framework is expected to remain unchanged. Under the proposal, a 0.4 per cent MDR will apply to eligible P2M UPI transactions above ₹2,000, capped at ₹300 for transactions of ₹75,000 and above, while small merchants and P2P transactions remain exempted, ICICI Securities said in a note. 

 

A Jefferies report in September said that MDR on UPI comes ahead of estimates and is "higher than expectations" of 25 bps. The brokerage firm said it recently revised Paytm's earnings by 20-25 per cent to factor 25 bps, but now further raises earnings for FY28-29 by 10-12 per cent to factor a 40 bps revenue pool even after making adjustments for exemptions, competitive pricing and other aspects.

 

Paytm has a mission to bring half a billion Indians into the mainstream economy by providing access to financial services to people previously excluded from the formal banking system. Embracing data protection and privacy as the foundation of business operations and identifying the importance of safeguarding sensitive information, analysts at Jefferies said.

 

In a downside scenario, the brokerage firm has a target price of ₹1,540, based on 23x September-28E EV/EBITDA (Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization). Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.