Shares of Paytm, One Mobikwik Systems and other fintech firms rebounded on Friday, a day after they ended lower amid reports that a proposal to defer the rollout of merchant discount rate (MDR) on UPI to January 1, from October 15, is under consideration. Shares of One 97 Communications, which owns the Paytm brand, opened in the red at Rs 1,639.80 against the previous close of Rs 1,640 but rebounded to touch an intraday high of Rs 1,682, a gain of Rs 42 or 2.56 per cent. Last seen, the stock was trading at Rs 1650.20 with a gain of Rs 10.20 or 0.62 per cent and the market cap of the company was Rs 1,06,050.51 crore.
Similarly, One Mobikwik Systems shares opened in the red at Rs 244.15 against the previous close of Rs 244.30 on the BSE. However, it gained and hit an intraday high of Rs 263.90. Last seen, the stock was trading at Rs 257.10, up 12.80 or 5.24 per cent. The market cap of the company stood at Rs 2,024.58.
On the other hand, Pine Labs started the trading session in green. The counter opened at Rs 170.95 against the previous close of Rs 169.75. The stock gained to touch the intraday high of Rs 171 before witnessing profit booking. It fell to Rs 163.30. The stock was trading at Rs 163.70 with a drop of Rs 6.05 or 3.56 per cent, and the market cap of the company stood at Rs 18,903.24 crore.
Last month, the government allowed charging MDR, under which transactions above Rs 2,000 will attract a fee of 0.4 per cent.
Shares of fintech firms jumped when the announcement was made last month amid hopes that this will generate additional revenue.
According to reports, a proposal to defer the rollout of merchant discount rate on Unified Payments Interface (UPI) to January 1 from October 15 is under consideration, with a decision expected in the next few days.
Meanwhile, economic think tank GTRI said on Thursday that the government should withdraw the proposed UPI charges, scheduled to take effect on October 15, and keep the digital payment system free for merchants and consumers.
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