Wire · regulatory
Paytm & MobiKwik Impacted as Government Proposes Zero MDR and No Fees for Digital ...
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Fusion42 · 3 August 2026 · Fusion42 review
The Indian government maintains a zero Merchant Discount Rate (MDR) policy for UPI and RuPay transactions, preventing banks and fintechs like Paytm and MobiKwik from charging transaction fees, pushing these players to diversify into credit and merchant device services and still report profits.
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◆ ◆ The Wire takeaway
Your payment fees just vanished and so did your direct revenue from transactions. You need to convert payments into a customer funnel for lending or devices this week or watch rivals leave you behind.
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