Paytm announces 0% fee on wallet payments for merchants

Digital payments company Paytm has announced that Paytm merchants can now receive unlimited payments through Paytm Wallet, UPI and Rupay cards at zero percent fee. The move is said to benefit more than 17 million merchants on the digital payments platform as they can now transfer money to banks without any deductions. The company also said that the development would provide merchants with a "single point of reconciliation" for all their payments. That means merchants will no longer require multiple QRs at their counters to receive money from regular users.

The company is a press note states that business accounts can now select 'all-in-one QR' to accept payments from Paytm wallet, Paytm UPI, or any other UPI app. Speaking about the development, Kumar Aditya, Paytm senior vice president said, "We are empowering our merchant partners across the country to accept wallet payments and get them directly into their bank account without worrying about the charges. The move will help merchants save more with every transaction. Now they can transact without any limits, all through a single QR." The new fee-waiver development will encourage more businesses to adopt Paytm, especially at a time when customers across the country are advised to use digital payments in light of the COVID-19 pandemic.

In recent months, Paytm invested in several sectors to add more merchants across India onto its platforms. With Paytm postpaid and collaboration with Kirana stores and other big brands like Uber, Patanjali, and more, the company is also trying to lure customers from various tier 2 and tier 3 areas in India. Recently, the company announced the rollout of flexible EMIs for Paytm postpaid users. The move essentially means that Paytm Postpaid users can now purchase products and pay back the accumulated amount in easy instalments that include nominal interest rates. The Paytm Postpaid service works with goods and services provided by Paytm Mall, Uber, Myntra, Lenskart, Gaana, Pepperfry, HungerBox, Patanjali, and more.

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