One Mobikwik Systems slipped into the red

Shares of One Mobikwik Systems slipped into the red on Wednesday while Paytm pared early gains, following an initial surge triggered by the National Payments Corporation of India’s (NPCI) new merchant discount rate (MDR) framework for UPI transactions. One Mobikwik, which had climbed as much as 4-6% in early trade, later traded lower by around 2% amid profit-booking. Paytm parent One 97 Communications, which hit an intraday high near 7%, also gave up most of its gains and was seen consolidating near flat to modestly positive levels. Under the new rules effective October 15, an MDR of up to 40 basis points (0.4%) will apply to person-to-merchant (P2M) UPI transactions above ₹2,000, capped at ₹300 for payments of ₹75,000 and above. Transactions up to ₹2,000—accounting for over 95% of P2M volume—remain zero-MDR, person-to-person transfers stay free, and small merchants continue to enjoy exemptions. Concessional rates apply to select categories.