Paytm share price cracks 10% after MDR clarification
Paytm share price in focus today: Shares of One 97 Communications, the parent company of Paytm, plunged 10% in early trade on Thursday, June 12, hitting an intraday low of ₹ 864.40 apiece, as investor sentiment turned sour after the Finance Ministry dismissed reports about the possible introduction of a Merchant Discount Rate (MDR).
The stock has been in the spotlight in recent months amid reports suggesting that the Indian government may consider restoring merchant charges on UPI transactions. However, the Finance Ministry dismissed the speculation as 'false, baseless, and misleading,' stating that no MDR will be charged on UPI payments.
"Speculation and claims that the MDR will be charged on UPI transactions are completely false, baseless, and misleading. Such baseless and sensation-creating speculations cause needless uncertainty, fear and suspicion among our citizens," Finance Ministry said in a post on X.
"The Government remains fully committed to promoting digital payments via UPI," it added.
This response came after reports in a section of media claimed that the Centre is considering reintroducing MDR on UPI transactions above ₹ 3,000 in a move to support banks and payment service providers.
In March, the Payments Council of India (PCI), representing 180 non-banking payment players, urged the government to reconsider the Zero MDR policy for UPI and RuPay debit card transactions, citing financial sustainability concerns. The policy, in place since January 2020, has strained the ecosystem despite a government incentive of ₹ 1,500 crore—far short of the ₹ 10,000 crore annual operational cost.
To address this, PCI proposed reintroducing MDR for RuPay debit cards and a 0.3% MDR on UPI for large merchants. Meanwhile, UPI continues to dominate India's digital payments, contributing 80% of retail transactions in FY24, with 131 billion transactions valued over ₹ 200 lakh crore. January 2025 marked a monthly high with 16.99 billion transactions worth ₹ 23.48 lakh crore.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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