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Nomura initiates Paytm at Buy with Rs 2,250 target as NPCI defers UPI MDR framework until after Diwali
NPCI deferred its proposed UPI MDR framework, which sets a 0.4% charge on person-to-merchant transactions above Rs 2,000, until after Diwali. Nomura initiated Paytm at Buy with a Rs 2,250 target, expecting a 96% EBITDA CAGR between FY26 and FY29.
- Nomura target price for Paytm
- ₹2,250
- Proposed UPI MDR on P2M above ₹2,000
- 0.4%
- UPI volumes outside framework
- 96%
- UPI value outside framework
- 75%
Reported figures
From the report. Source details below
| MDR cap for transactions of Rs 75,000 or more: | Rs 300 |
|---|---|
| Flat charge for railways, telecom, fuel, insurance: | Rs 5 |
| Capital markets transactions MDR: | 0.02% |
| UPI value outside charging framework: | 75% |