Paytm shares jump over 7%; Pine Labs, One Mobikwik pare early gains
Ending nearly six years of fully free UPI, the government on Tuesday introduced a 0.4% fee on transfers worth more than Rs 2,000 made to merchants through the platform from October 15.
Fintech companies witnessed a surge in their stock prices on Wednesday following the government's introduction of a 0.4% fee on transfers exceeding Rs 2,000 to merchants via the UPI platform, effective October 15. One97 Communications Ltd, the parent company of Paytm, saw its shares jump by 7.24%, reaching a 52-week high of Rs 1,856.50 on the BSE.
Paytm's shares climbed by 7.24% during intra-day trading, hitting a new high. One Mobikwik Systems Ltd and Pine Labs also experienced gains, with their stocks rising by 5.96% and 2.68% respectively. However, Pine Labs saw its gains narrow as its shares declined by 7% and 2% respectively. The government's decision to end fully free UPI payments marked the end of an era for the world's largest real-time payments system, while ensuring that individual users would continue to use UPI without any charges.
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- UPI fees mean different payoffs for Paytm & Pine economictimes.indiatimes.com
