Paytm Discloses 0.4% UPI MDR Above ₹2,000

Key Regulatory Development

The National Payments Corporation of India (NPCI), authorized by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007, has issued circular no. NPCI/UPI/OC-No.237/2026-27 dated September 15, 2026. The circular introduces a Merchant Discount Rate of up to 0.4% on UPI P2M transactions exceeding ₹2,000.

Effective Date

The new MDR structure will be effective from October 15, 2026.

Financial Impact

• The MDR implementation will generate additional revenue from Paytm's merchant business for payment transactions that were previously free
• No charge is levied on customers for UPI payments, which shall continue to remain free of charge
• The company will make further disclosures once the circular becomes effective and its impact is ascertained

Additional Information

The disclosure will be hosted on the company's website at https://ir.paytm.com/.