India's leading digital financial services platform Paytm has announced a waiver of all charges on merchant transactions. The merchants no longer have to pay any fees to take payments from Paytm Wallet.
In its press release, the company said that it is now taking payments revolution to the next level by enabling the merchant partners to accept payments from Paytm Wallet, UPI apps and RuPay cards at zero charges.
Paytm will further absorb Rs 600 crore in MDR charged annually by banks and other charges to support MSMEs during the ongoing pandemic. This move would help in ensuring that they have adequate liquidity to expand their businesses, stated the release.
"This initiative will benefit more than 17 million merchants on Paytm ecosystem who use Paytm All-in-One QR, Paytm Soundbox and Paytm All-in-One Android POS to accept payments from their customers," the company added further.
With this move, merchants will now have the power to choose whether they want to receive payments directly into their bank accounts or in their respective Paytm wallets.
Kumar Aditya, Senior Vice President of Paytm said, "We believe waiving off these charges will benefit all MSMEs. This move would also encourage merchants to embrace digital payments which would further strengthen the Digital India mission."