MSMEs MDR charges alert! Rs 600 crore - Paytm waives off all charges on merchant transactions
Digital financial services platform Paytm has announced waiver of all charges on merchant transactions.
Digital financial services platform Paytm has announced waiver of all charges on merchant transactions. The company is now enabling the merchant partners to accept payments from Paytm wallet, UPI apps and RuPay cards at Zero charges. Paytm will 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.
"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. Merchants will also have the power to choose whether they want to receive payments directly into their bank accounts or into their Paytm wallet," the digital financial services platform said in a statement.
"The company has been promoting acceptance of payments through all methods including Paytm Wallet, UPI, Rupay, NEFT & RTGS among others and empowers merchants to accept unlimited payments Paytm All-in-One QR at zero charges," it added.
Kumar Aditya, Sr. Vice President - Paytm said, “We are absorbing MDR to extend support to our merchant partners to increase their overall liquidity to expand their businesses. We believe waiving off these charges will benefit all MSMEs accepting Paytm All-in-One QR, Paytm Soundbox and Paytm All-in-One Android POS devices to collect payments directly into their bank accounts. Paytm All-in-One QR has always been the best mode for merchants to accept digital payments as it accepts unlimited payments at zero cost from any UPI app and Rupay Cards, now with Paytm Wallet too. This move would also encourage merchants to embrace digital payments which would further strengthen the Digital India mission."
Recently, digital financial services platform Paytm had announced that its wholly-owned subsidiary Paytm Money now facilitates investments in Initial Public Offers (IPOs) in India. Paytm said, "This launch will benefit retail investors with wealth creation opportunities, as they will be able to seamlessly apply and join the growth story of rapidly expanding companies. The company has made the process of IPO application completely digital & simple for retail investors across the country to apply for IPOs. It will continue to innovate and add new tech-savvy features for enhanced user experience."
Paytm Money has enabled investors to instantly apply for all the latest IPOs via UPI ID, linked to their bank accounts to quickly complete the IPO application process. The company is leveraging the convenience of UPI infrastructure to offer a faster turnaround time reduced to 3-4 days for completion of the entire process.
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