Paytm declares wallet payment fee at 0%

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Paytm to charge transaction fee on credit card transactions

Paytm declared that in addition to UPI and Rupay Cards, the merchants could receive unlimited payments through Paytm Wallet at a fee of 0%. The company said that it would be beneficial to more than 17 million merchants at a 0% fee through their digital payments with the direct settlement from their bank accounts. At their counters, merchants will no longer require multiple QRs. With the ‘All-In-One QR’ by Paytm payments from Paytm wallet, Paytm UPI, or any other UPI app will be accepted.

Kumar Aditya, Sr Vice President, Paytm said that the company is empowering its merchant partners within the country to accept wallet payments and receive them directly into their bank account without being concerned about the charges. It will help merchants to save money with every transaction. Nowadays, merchants can do transactions through a single QR without any restrictions.

Earlier, Paytm announced its plans to offer collateral-free loans of up to Rs. 500,000 at a low-interest rate and unique daily EMI product customized for micro-merchants. This is essential to help merchants to purchase products and make the payment in easy installments that include lower interest rates.

Under the ‘Merchant Lending Program’ in the Paytm for Business app, the company continues to offer collateral-free loans. Based on daily transactions, its algorithm determines the credit-worthiness of the merchant. After which, it reaches a pre-qualified loan offering. Repayment of merchant loans is primarily collected through their daily transactions with Paytm, and there are no additional charges on these loans. Paytm has processed loans worth ₹550 crores in the last financial year benefiting over a lakh merchant partner.

Paytm has heavily invested in driving financial inclusion for merchants within India for the last few months. This move will be big support for SMEs, freelancers, wholesale traders, retailers, and Kirana merchants to accelerate the growth of mobile and digital payments within the country. The total number of merchants using payment services of Paytm is more than 17 million. The Paytm wallet services work with goods and services given by Uber, Myntra, Lenskart, Gaana, Pepperfry, HungerBox, Paytm mall, Patanjali, and more.

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