NPCI cuts RuPay UPI fees; One 97 Communications says impact to be minimal
This story was originally published at 11:02 IST on 11 March 2026
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MUMBAI – One 97 Communications Ltd. said its revenue will not be impacted after the National Payments Corp. of India reduced fees on UPI transactions through RuPay credit cards. The company said majority of the company's revenue comes from merchant payments and lower fees will not impact the merchant discount rate.
"The circular does not have any impact on merchant MDR (Merchant Discount Rate), as it is priced by the Company for the merchants it acquires," the company said in a filing. "The payment processing margin for our overall payments business is comfortably above 4 basis points, and we continue to see an increase in payment processing margin through the adoption of high margin payment products by its merchants, such as Paytm Postpaid, EMI and RuPay Credit Card on UPI, where the Company earns the MDR from merchants."
The third party application provider fee for consumer payments through RuPay credit cards on UPI has been reduced to 6 basis points from 8 basis points for the non-industry category. For the industry category, the fee has been revised to 3 basis points from 4 basis points, according to an exchange filing.
For the December quarter, One 97 Communications reported a consolidated net profit of INR 2.25 billion on revenues of INR 21.94 billion. At 1144 IST, shares of One 97 Communications traded at INR 1,031 on the National Stock Exchange, down nearly 1%.
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IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shumaila Firoz
Edited by Deepshikha Bhardwaj
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