Thursday July 18, 2019
Home Lead Story Paytm Not to ...

Paytm Not to Charge Users Extra Amount for Digital Transactions on its Platform

“In such cases, we recommend our users to pay through their debit cards and UPI to avoid these charges. We would like to reiterate that these charges aren’t levied by Paytm in any scenario,” said the company, adding that it does not have any plans to levy any such fee in the future

0
//
paytm
Not charging extra for digital transactions: Paytm. Wikimedia Commons

Digital wallet Paytm on Monday refuted reports that it is going to charge users extra amount for digital transactions on its platform.

“We would like to clarify that Paytm app/payment gateway owned by One97 Communications Limited does not charge or levy any convenience/transaction fee from our customers on using any payment method which includes cards, UPI, net-banking and wallet.

“Paytm customers will continue using all the services available on the platform without any fee,” the Noida-headquartered company said in a statement.

Paytm Logo. Wikimedia Commons

The ET report on Sunday said that Paytm is going to allegedly charge 1 per cent on payments via credit cards, 0.9 per cent for debit cards and up to Rs 12-15 through net banking and UPI-based methods.

According to the digital payments company, there have been few merchants like educational institutes or utility service providers who do not absorb credit card charges and expect customers to pay the same.

Also Read: South Korean Tech Giant Samsung Ready to Work with Telcos for Secure 5G Roll out in India

“In such cases, we recommend our users to pay through their debit cards and UPI to avoid these charges. We would like to reiterate that these charges aren’t levied by Paytm in any scenario,” said the company, adding that it does not have any plans to levy any such fee in the future. (IANS)

Next Story

Paytm to Invest Money in Offline Merchant Expansion; Partners with Kirana Stores

Paytm has already created a network effect with over 5 billion transactions in 2018-19

0
kirana store, paytm
The company is targeting to partner with over 20 million retail kirana stores, enabling them to accept all digital payment modes including UPI, wallet and cards. Wikimedia Commons

In a move to make deeper inroads in the country, digital payments company Paytm on Thursday announced to push cashback from peer-to-peer UPI transactions to offline merchant payments at retail kirana stores.

The company is targeting to partner with over 20 million retail kirana stores, enabling them to accept all digital payment modes including UPI, wallet and cards.

“Paytm will invest money in offline merchant expansion instead of driving incentive led P2P transactions. Our offline merchants create high-frequency usage and an important use-case for Paytm consumers,” said Deepak Abbot, Senior Vice President, Paytm.

paytm, kirana store
Paytm has already created a network effect with over 5 billion transactions in 2018-19. Flickr

UPI P2P payments are often done by users to gain some extra money. On Paytm, the UPI users are already the ones who have been using a large host of Paytm services for long and don’t require cashbacks to make payments.

ALSO READ: Paytm Payments Bank Ahead of Major Banks in Digital Transaction Target

“To further help merchants get better access to capital and provide more financial security Paytm will invest on lending and insurance, rather than on P2P payments,” the company said in a statement.

Through its payment ecosystem, Paytm has already created a network effect with over 5 billion transactions in 2018-19. It also claims to have 12 million merchant partners accepting payments through Paytm QR, which accepts all digital payment instruments such as UPI, wallets, cards and netbanking. (IANS)