PE/VC-backed fintechs in spotlight as UPI fee ups revenue outlook

Shares of Paytm, One Mobikwik, Yes Bank advanced on Wednesday after India's payments authority introduced a 0.4% fee on select person-to-merchant transactions above Rs 2,000 (about $20) from October 15.

Paytm, One Mobikwik, Yes Bank and Axis Bank gained between 2-8% in early trade on Wednesday. 

Axis Bank gained about 0.8%. Pine Labs, which rose about 2.2%, reversed gains to trade 3.2% lower.

The charges, starting on October 15, cannot be passed on to consumers and are expected to benefit banks and payments firms in Asia's third-largest economy.