Paytm Allows Fund Transfers to Bank Accounts at 0% Transaction Fee

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Paytm Allows Fund Transfers to Bank Accounts at 0% Transaction Fee: Earlier this week, mobile payment and e-commerce platform Paytm rolled out a feature allowing users and merchants to send money from their Paytm wallets to any bank account at 1% transaction fee. However, now the company has announced that it won’t be charging any transaction fee on bank transfers at all.

Paytm’s latest move comes after MobiKwik announced it’ll allow fund transfers to bank accounts at 0% transaction fee. Earlier, customers and merchants with completed KYCs could send money to banks through Paytm at 1% fee without any waiting period. However those without KYCs had to pay a 4% transaction fee, followed by a wait time of 45 days post creation of a Paytm account, in order to transfer money to banks.

Paytm also said that more than 8,50,000 merchants and 30 million users have used its services in the last 3 days to purchase daily needs such as groceries, household items, travel bookings and fuel, among others. Recently, e-wallet services provider MobiKwik announced that users would now be able to transfer money instantly to any bank account at 0% transaction charges. The company announced the feature in the wake of central government’s recent demonetization drive, banning Rs 500 and Rs 1,000 banknotes.

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