BackPaytm announces 0% fee on wallet payments for merchants
Merchants will no longer require multiple QRs at their countersAll they need is Paytm ‘All-In-One QR’ to accept payments from Paytm wallet, Paytm UPI, or any other UPI app
PremiumFintech major Paytm on Thursday announced that 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," the company said in a statement.
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.
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."
Meanwhile, Paytm earlier announced that it has plans to provide collateral-free loans of up to ₹500,000 at a low-interest rate and unique daily EMI product customized for micro-merchants.
The company continues to offer collateral-free loans under the 'Merchant Lending Program' in Paytm for Business app. Its algorithm determines the credit-worthiness of the merchant based on his daily transactions and arrives at a pre-qualified loan offering. Loan repayment is primarily collected from the merchant’s daily settlement with Paytm and there are no prepayment charges on these loans. In the last financial year, Paytm has processed loans worth ₹550 crore benefiting over a lakh merchant partner.
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.
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