Paytm waives charges on merchant transactions; to absorb MDR of Rs 600 cr
PTI, Dec 1, 2020, 3:52 PM IST
New Delhi: Fintech major Paytm on Tuesday said it will waive all charges on merchant transactions, and enable its merchant partners to accept payments from Paytm wallet, UPI apps and RuPay cards at zero charges.
Paytm will absorb Rs 600 crore in MDR charges annually by banks and other charges to support micro, small and medium enterprises (MSMEs) during the ongoing pandemic, according to a statement.
This would help ensure that these merchants have adequate liquidity to expand their businesses, it added.
“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 statement said.
It added that 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 company has been promoting acceptance of payments through all methods, including Paytm Wallet, UPI, RuPay, NEFT and RTGS, and empowers merchants to accept unlimited payments Paytm All-in-One QR at zero charges, it added.
“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 Senior Vice-President Kumar Aditya said.
This move would also encourage merchants to embrace digital payments that would further strengthen the Digital India Mission, he added.
Paytm is also extending financial support to MSMEs and aims to disburse Rs 1,000 crore in loans by March 2021.
The company continues to offer collateral-free loans under the ”Merchant Lending Programme” in Paytm for Business app. Its algorithm determines the credit-worthiness of the merchant based on daily transactions and arrives at a pre-qualified loan offering.
It has digitised the entire process starting from the loan application, approval to disbursal with no additional documents required in partnership with NBFCs and banks.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sensex, Nifty decline on selling in IT shares, FII sellout; end Samvat 2080 with 22% gains
Sensex, Nifty decline in early trade on unabated foreign fund outflows, selling in IT stocks
Gold surges Rs 1,000 to breach Rs 82k-mark as Diwali sparkles demand
Car makers witness record sales on Dhanteras; Oct bookings up by 30%
Dhanteras begins on slow note; Jewellers expect footfalls to increase
MUST WATCH
Latest Additions
Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back
Medical College expels 5 MBBS students from hostel for ragging juniors
Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP
Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi
Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.