Shares of One 97 Communications (Paytm), One MobiKwik Systems and Pine Labs fell sharply on Thursday, October 8, on reports that the planned October 15 rollout of Merchant Discount Rate (MDR) on select UPI transactions could be deferred. Paytm share price slipped as much as 10% to Rs 1,560.60 apiece, while One MobiKwik Systems shares slumped as much as 8.43% to Rs 234.40 apiece on the BSE. Pine Labs shares dropped 4.11% to Rs 170.25 apiece.
Traders' associations have sought a delay in the implementation of the UPI MRD charges until after the festive season or early next year, with the National Payments Corporation of India yet to take a call, sources told NDTV Profit.
UPI MDR Rollout May Be Delayed
The proposed MDR framework was scheduled to come into effect from October 15. Under the framework, select person-to-merchant UPI transactions above Rs 2,000 would attract an MDR, with the fee to be paid by merchants rather than consumers.
Traders' associations have now proposed that the implementation be pushed beyond the festive season or to early next year. The proposal has been made to NPCI, which is consulting stakeholders and has not yet taken a final decision, source said.
Also Read: UPI MDR: October 15 Rollout May Be Deferred; Traders Bodies Seek Post-Festive Season Implementation
Why Paytm, MobiKwik Shares Are Falling
The proposed MDR framework had been viewed as a potential monetisation opportunity for companies operating in the UPI ecosystem. The probable delay could therefore push back expectations around the timing of any revenue benefit from the new framework.
These payment-focused stocks had earlier gained following the announcement of the MDR framework, which also reflects the reason behind today's slump. Paytm and MobiKwik were among the stocks that had rallied on expectations of a new revenue stream from eligible UPI transactions.
For now, the Oct. 15 implementation remains subject to the ongoing consultation, with the final timeline yet to be decided by NPCI.
Share Price Movement
Paytm share price has lost around 4.25% in the past month; however, it remained up around 24% in 2026 so far.
In contrast, One Mobikwik shares gained around 22.74% in the past month and rallied over 21% in the past week itself, despite today's slump.
At 10:15 AM, Paytm share price was tading 5.15% lower at Rs 1,644.70 apiece, One Mobikwik shares were down 6.58% at Rs 239.15 apiece, and Pine Labs shares were down 2.93% to Rs 172.35 apiece on the BSE.
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