Mobikwik Gains As NPCI Introduces 0.4% MDR On UPI Above Rs 2000

16 September 2026

One Mobikwik Systems Ltd.

NPCI circular dated Sept 15 introduces MDR up to 0.4% on UPI P2M transactions above Rs 2,000 effective Oct 15, 2026; MobiKwik to earn as TPAP and acquirer with no customer charge, calls it strong enabler for UPI and merchant scale. Context: unlocks revenue on previously revenue-light UPI GMV.