Paytm, Pine Labs, MobiKwik Under Pressure: Will UPI MDR Delay Impact Fintech Stocks?

Fintech stocks Paytm, Pine Labs and MobiKwik came under pressure after reports suggested the proposed 0.4% UPI MDR implementation could be deferred from October 15 to January. While the NPCI has not made any final announcement, a delay could impact near-term revenue expectations for payment companies. Sunny Agrawal, DVP, Head of Fundamental Desk, SBI Securities, discusses the long-term potential of UPI MDR and its impact on FY27 and FY28 earnings. The discussion also looks at how much of the expected benefit may already be priced into fintech stocks and why regulatory uncertainty could remain an overhang for investors.