US EditionIndia's Paytm Slumps After Government Says Reports of UPI Transaction Fees False
- The Finance Ministry stated that claims of introducing merchant discount rate on UPI transactions are "completely false, baseless, and misleading".
- Shares of One 97 Communications, the parent company of Paytm, fell nearly 10% following the Finance Ministry's statement.
- UPI processed 18.68 billion transactions valued at Rs 25.14 lakh crore in May, showing a 33% year-on-year increase.
- India accounted for 48.5% of global real-time payment transactions, highlighting UPI's dominance in digital payments.
21 Articles
21 Articles
The day of Thursday was turbulent for Paytm, the well-known digital payment firm, as it experienced a drop in the value of its shares of up to 10%.This collapse, according to the original report, was related to statements by the Ministry of Finance of India, which categorically denied rumors about the introduction of tariffs in the UPI transactions.A fact that surprised many investors, leading the stock market to unexpected turmoil.Immediate mar…
No Plan To Levy Merchant Discount Rate On UPI Transactions: Finance Ministry
The Finance Ministry on Wednesday said that "speculation and claims that the MDR (merchant discount rate) will be charged on UPI transactions are completely false, baseless, and misleading".
Channel News Asia
MSNIndia's Paytm slumps after government says reports of UPI transaction fees false
Shares of digital payments firm Paytm slumped as much as 10 per cent on Thursday after India's finance ministry said that reports about the introduction of fees on the popular unified payments interface (UPI) transactions were false and baseless.The shares posted their sharpest intraday fall since February 20
The Finance Ministry posted on a social media platform saying that the government has no such plans right now. The speculations and claims of charging MDR on UPI transactions are completely false, baseless and misleading.
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