With UPI MDR Clarity, PhonePe Eyes IPO By March 2027
With greater clarity around the monetisation of UPI payments following’ the introduction of a new Merchant Discount Rate (MDR) framework,…
PhonePe, the UPI marketplace leader backed by Walmart, is preparing to relist on the Indian stock market after halting its IPO plans earlier this year. The fintech company is targeting a public offering between February and March 2027, after the Central government introduced a new Merchant Discount Rate (MDR) regime. This revised framework, which brings charges back on select UPI merchant transactions, will apply to transactions over ₹2,000, with a 0.4% MDR, while P2P transactions up to ₹2,000 and merchant UPI payments up to ₹1 Lakh a month will remain free.
PhonePe, which currently holds nearly 45% of merchant payments, sees this as an opportunity to monetize the service. The company plans to refile its IPO papers by the end of the year, aiming for a valuation of $10 Bn.
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