Earlier today, reports emerged that Paytm will start charging/levying a convenience/transaction fee from users on using payments methods like Credit/Debit cards, net-banking, UPI and wallet. But now,Paytm has issued a clarification regarding this report on levying customers a convenience fee or a transaction fee. The report suggested that Paytm will start passing on the Merchant Discount Rate (MDR) which usually are charged to customers by banks and card companies on digital transactions. The additional fee amounts to 1 percent on payments done through credit cards, 0.9 percent on debit cards and up to Rs. 12 to Rs. 15 for payments done through net banking and UPI and the report also said that the charge will be applicable on topping up Paytm wallet, movie tickets, utility bills and more. But shortly after the report, Paytm was quick to clarify it and said that it neither charges any transaction or convenience fee nor have any plans to charge from users. The company also said that users can continue using all services available on Paytm without any fee. However, Paytm suggests users do payments using Debit Cards or UPI to avoid charges from merchants who do not absorb credit card charges and expect customers to pay the same. Paytm in ...
Monday, 1 July 2019
Paytm confirms it will not be charging convenience or transaction fee from users
Earlier today, reports emerged that Paytm will start charging/levying a convenience/transaction fee from users on using payments methods like Credit/Debit cards, net-banking, UPI and wallet. But now,Paytm has issued a clarification regarding this report on levying customers a convenience fee or a transaction fee. The report suggested that Paytm will start passing on the Merchant Discount Rate (MDR) which usually are charged to customers by banks and card companies on digital transactions. The additional fee amounts to 1 percent on payments done through credit cards, 0.9 percent on debit cards and up to Rs. 12 to Rs. 15 for payments done through net banking and UPI and the report also said that the charge will be applicable on topping up Paytm wallet, movie tickets, utility bills and more. But shortly after the report, Paytm was quick to clarify it and said that it neither charges any transaction or convenience fee nor have any plans to charge from users. The company also said that users can continue using all services available on Paytm without any fee. However, Paytm suggests users do payments using Debit Cards or UPI to avoid charges from merchants who do not absorb credit card charges and expect customers to pay the same. Paytm in ...
