MobiKwik CFO pushes for MDR on large-merchant UPI as zero-fee model strains payment firms
Upasana Taku argues zero-MDR UPI is unsustainable for banks and fintechs as government incentives fall (₹2,196cr FY26, ₹2,000cr FY27), urging fees up to 0.30% on P2M for big merchants like Eternal and Policybazaar. MobiKwik posted Q4 FY26 revenue of ₹288.7cr (+7.8%) and net profit of ₹4.4cr.
MobiKwik CFO Upasana Taku urges reintroducing MDR on UPI for large merchants like Eternal and Policybazaar, calling zero-MDR unsustainable for banks and payment firms as government incentives decline. Impacts India's digital payment rails and merchant fee economics.