MobiKwik CFO pushes for graded MDR on UPI payments from large merchants
CFO Upasana Taku argues zero-MDR UPI is unsustainable as government incentives shrink to ₹2,000 crore for FY27, urging a graded merchant fee for large players like Eternal and Policybazaar. MobiKwik posted ₹288.7 crore Q4 FY26 revenue and ₹4.4 crore net profit.
What happened
Mobikwik · MobiKwik CFO Upasana Taku urges reintroducing graded MDR on UPI transactions for large merchants like Eternal and Policybazaar, arguing zero-MDR is
Key facts
- 0.90% debit card MDR
- 0.30% UPI P2M MDR
- ₹50 lakh-₹1 crore merchant threshold
- ₹2,000 crore FY27 incentive outlay
- ₹202.70 share price
- revenue ₹288.7 crore Q4 FY26
- net profit ₹4.4 crore
Why this matters
The regulatory momentum toward reinstating UPI MDR for large merchants could re-rate payment fintech monetization models, making distressed or thinly-profitable processors like MobiKwik (₹4.4 crore Q4 net profit) more strategically valuable.
What to watch
- FY27 Union Budget UPI incentive allocation confirmation
- RBI/NPCI statements on MDR policy or tiering
- Payments Council of India formal proposal submission
- Quarterly PSP take-rate and payments-margin disclosures
- Credit-on-UPI transaction volume and interchange trends
- MobiKwik and peers lobby NPCI/Payments Council of India for graded MDR framework
- Large merchants (Eternal, Policybazaar) push back publicly citing cost pass-through to consumers
- Fintechs accelerate credit-on-UPI and lending cross-sell to diversify away from payments float
- Industry bodies commission cost-of-acceptance studies to justify fee structures