{"id":294185,"date":"2026-10-08T11:07:29","date_gmt":"2026-10-08T05:37:29","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=294185"},"modified":"2026-10-08T11:07:29","modified_gmt":"2026-10-08T05:37:29","slug":"upi-mdr-deferral-paytm-mobikwik-pine-labs-shares-crash-up-to-10-percent-why","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/upi-mdr-deferral-paytm-mobikwik-pine-labs-shares-crash-up-to-10-percent-why\/","title":{"rendered":"UPI MDR Deferral Report Sends Paytm, MobiKwik and Pine Labs Shares Down Up to 10%: What the Proposal to Push the 0.4% Merchant Fee to 1 January Means, the Exemption Plan, Who Gains and Loses and What to Watch"},"content":{"rendered":"

8 Oct: report says UPI MDR may be deferred from 15 Oct to 1 Jan. Paytm -10% (lower circuit Rs 1,558.80), MobiKwik -8%, Pine Labs -4%. 0.4% fee on P2M above Rs 2,000.<\/em><\/p>\n

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Quick Answer<\/strong><\/p>\n

UPI MDR deferral is behind the sharp fall in payments stocks on 8 October, when Paytm dropped 10% to the lower circuit at Rs 1,558.80, wiping about Rs 10,972 crore from its market value, MobiKwik fell more than 8% to Rs 234.52 and Pine Labs more than 4% to Rs 170.21, after Business Standard reported that a proposal to defer the merchant discount rate to 1 January 2027 from 15 October is under consideration. The planned fee is 0.4% on UPI payments to merchants above Rs 2,000, capped at Rs 300, with consumers and person-to-person transfers staying free, and the deferral would give merchants relief through the festive season while the committee also considers exempting businesses with annual turnover of up to Rs 40 lakh. Payments stocks had rallied when the fee was announced on 15 September, because it creates a new revenue stream, so a delay of about 11 weeks and a wider exemption cut the near-term upside even though no final decision has been made. The losses eased by mid-morning, with Paytm down about 5%, MobiKwik about 7% and Pine Labs about 3%, and a decision is expected in the next few days.<\/p>\n<\/p><\/div>\n

UPI MDR deferral matters because the fee ended almost six years of free UPI merchant payments and was seen as a lifeline for payments companies whose core UPI business earns little. Retail associations had planned a ‘No UPI Day’ on 2 October before withdrawing it, and their pressure is cited in the report.<\/p>\n

If you hold Paytm, MobiKwik or Pine Labs, this article covers what the UPI MDR deferral proposal says about the Rs 2,000 threshold, the Rs 300 cap and the 15 October date, how the Paytm share price hit Rs 1,558.80 and lost Rs 10,972 crore, the Rs 40 lakh exemption plan from the NPCI committee, the festive season relief, the impact on each company, scenarios and the risks.<\/p>\n

Click Here – Get Free Investment Predictions<\/a><\/strong><\/p>\n

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