Paytm says NPCI RuPay fee cut has immaterial impact on earnings

Business Desk — Wed, 11 Mar 2026 03:44:38 +0000

Paytm has disclosed that the National Payments Corporation of India’s revision to TPAP and Payer PSP fees for RuPay Credit Card on UPI transactions will have no material impact on the company’s financials.

Effective April 1, 2026, NPCI reduced TPAP fees for consumer UPI apps from 8 basis points to 6 basis points in the Non-Industry category and from 4 basis points to 3 basis points in the Industry category. The company clarified that this fee reduction affects only consumer UPI app revenue and has no bearing on merchant acquiring revenue, where Paytm maintains market leadership.

Paytm emphasised that the vast majority of its payments revenue derives from merchant payments, where it earns Merchant Discount Rate (MDR) directly from merchants. The company stated that its overall payment processing margin remains comfortably above 4 basis points and continues to grow through adoption of high-margin products such as Paytm Postpaid, EMI and RuPay Credit Card on UPI. The circular does not impact merchant MDR pricing, as the company sets these rates independently for its merchant base.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Digital Payments | Business Upturn

Paytm says NPCI RuPay fee cut has immaterial impact on earnings