MobiKwik's UPI monetisation bet: Why CEO Bipin Preet Singh expects merchant payments revenue to grow

MobiKwik is betting on scale and the potential introduction of UPI merchant discount rate (MDR) to improve monetisation of its payments business. Despite 35% growth in payment GMV, payment revenue remained largely flat at ₹209 crore in Q2 FY27, while the take rate declined to 0.35%. Speaking to CNBC-TV18, Co-Founder and CEO Bipin Preet Singh said the company's merchant payments take rate could rise from 3.5 basis points to double-digit levels once UPI MDR is introduced. He also outlined the company's focus on mid-market merchants.