No Charges On Paytm Transactions: Paytm Refutes All Claims

Must Read

Windfall! Online Grocery Market In India Looks Set For Purple Patch Ahead

Silver linings are clearly in short supply in the pandemic fuelled world that we have come to...

Apple Store In India: More Of Disappointment Than Excitement?

Apple has started making moves to strengthen its presence in India. With the launch of Apple online...

Facebook’s Chasm Of Distrust: An Ever-Deepening Divide

Facebook, the world's most popular social media platform has failed measurably as it is voted as the...

Earlier today India woke up with the news of Paytm charging the transaction fee from consumers on every transaction they make via Paytm wallet. The internet was buzzed with the rumours and media houses were quick to draw various assumptions on the move will impact consumers as well as the company, which is reportedly valued between $10- $15 billion.

Turns out, it was all rumour!

Paytm has refuted all the claims about the transaction fee on every transaction consumer does via Paytm. The company has maintained the strategy to continue providing the service for without charging a dime from consumers.

Advertisements

“Paytm does not charge or levy any convenience/transaction fee from our customers on using any payment method which includes cards, UPI, net-banking and wallet. Paytm customers can continue using all services available on our platform without any fee (same as before),” according to the official statement released by the Paytm.

Paytm also clarified that the company has no future plans to levy charges on consumers for transactions they make on their platform.

Paytm claims to account for 50% of the total wallet transaction market in India.

Earlier today the rumours about Paytm gearing up to charge consumers for every transaction started making rounds. Media houses were quick to debate whether Indian consumers are ready to bear such charges against the comfort to digital transactions at their fingertips.

Paytm, which was started in 2010, hit pay dirt only in 2016 due to the monetisation. In FY’ 2018-19, the company claimed to have achieved the Gross Transaction Value (GTV) of $50 billion.

By making it clear that Paytm has no plans to give any reason to shy away from the platform, it’s clear that the wallet industry in India is not ready to ask consumers for the convenience it provides. And, all of this is resulting in massive losses such companies are taking with each passing quarter. How long will the trend continue, would be interesting to watch though!

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

₹90 Crore Per Hour: That’s What Mukesh Ambani Added To His Wealth During COVID Era

Today the "IIFL Wealth Hurun India Rich List 2020" was released and guess who kept maintained his...

Can Tata Super App, With the Backing of Walmart, Take On JioMart?

In August, Tata Group, in a move to likely counter the offerings of the Jio umbrella, declared that they are in the...

The Raining Discounts Are Coming As Flipkart And Amazon Gears Up For Festive Season Sale

The festival season is about to begin and eCommerce majors in India Amazon and Flipkart are aiming to make the most of...

Amazon, Google And Microsoft Are Extreme Angry With TRAI

The big three of the tech industry - Amazon, Microsoft And Google - seems to be quite annoyed. Cloud...

New Android Malware Steals Your Banking Credentials And Let Hackers Access Your Smartphone

If you are an active user of banking apps on your Android smartphone, you must pay close attention to it.

An IT Service Help Desk Is Essential To Drive Business Growth

There's no debate about the fact that an IT service desk, when properly run, leads to both short-term and long-term business growth....

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This