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.
MobiKwik CFO Upasana Taku urges reintroducing graded MDR on UPI transactions for large merchants like Eternal and Policybazaar, arguing zero-MDR is financially unsustainable for banks and payment firms as government incentives decline.
Why this matters
MobiKwik's push for graded UPI MDR signals fintech pressure to monetize payment rails as government incentives shrink, framed against ₹288.7 crore Q4 FY26 revenue and thin ₹4.4 crore profit.
Retail-company signals accelerating at +656900% QoQ.