The move will benefit more than 17 million merchants who will enjoy a 0% fee on all their digital payments with direct settlement in their bank accounts.
Digital payments and technology platform, Paytm, has announced that merchants can now receive unlimited payments through Paytm Wallet at 0% fee, along with UPI and Rupay Cards. The move will benefit more than 17 million merchants who will enjoy a 0% fee on all their digital payments with direct settlement in their bank accounts.
“This revolutionary move by Paytm will provide merchants with a single point of reconciliation for all their payments. Merchants will no longer require multiple QRs at their counters. All they need is Paytm ‘All-In-One QR’ to accept payments from Paytm wallet, Paytm UPI, or any other UPI app,” a company statement said.
Commenting on the development, Kumar Aditya, Sr. Vice President, Paytm 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.”
“In recent months, Paytm has invested heavily in driving financial inclusion for merchants across India. The move will be a big boost for SMEs, Kirana merchants, wholesale traders, retailers and freelancers in the quest to accelerate the growth of digital and mobile payments across the country. The total number of merchants who rely on Paytm for payment services has already crossed the 17 million mark,” the statement added.
Recently, Paytm had announced that the users of its postpaid service can now convert their spends into Equated Monthly Installments (EMIs). With this, the company aims to enable the consumers to purchase essentials without any budget constraints and pay back the amount in easy installments, thereby adding another level of flexibility to their shopping process. The users can avail of Paytm’s buy now and pay later facility for a wide range of products and services at more than 5 lakh plus shops and websites.