MOBIKWIK update on introduction of MDR on UPI P2M transactions above Rs 2,000

One Mobikwik Systems announced that the National Payments Corporation of India (NPCI) has introduced a Merchant Discount Rate of upto 0.4% on UPI Person-to-Merchant (P2M) transactions exceeding Rs 2,000. The NPCI Circular shall be effective from 15 October 2026.

Payment transactions that were previously not chargeable will now generate revenue for the Company's payments business. The Company expects to earn this revenue in two ways:

? as a Third-Party Application Provider (TPAP), on the P2M share of its consumer UPI Gross Merchandise Value (GMV); and

? as an acquirer on its merchant GMV.

The Circular does not permit any charge on customers, so UPI payments remain free for users.