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Paytm, One Mobikwik, Yes Bank rise after India adds 0.4% payments fee

  • India’s payments authority introduced a fee on select person-to-merchant transactions.
  • The fee is 0.4% for transactions above 2,000 rupees from October 15.
  • Pine Labs reversed an early 2.2% gain and traded 3.2% lower.

Shares of Paytm, One Mobikwik, Yes Bank and Axis Bank advanced in early trade on Wednesday after India’s payments authority introduced a 0.4% fee on select person-to-merchant transactions above 2,000 rupees, about $20, effective October 15. The reported gains ranged from 2% to 8%, while Axis Bank was separately reported to be up about 0.8%. Pine Labs initially rose about 2.2% before reversing to trade 3.2% lower.

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Paytm, One Mobikwik, Yes Bank rise after India adds 0.4% payments fee - CoinPost Terminal