Paytm Offers Bank Account Money Transfer Service at 1 Percent Fee

November 14, 2016 - Technology
Paytm Offers Bank Account Money Transfer Service at 1 Percent Fee



  1. Paytm will charge 1 percent for moving cash from wallet to banks.
  2. New client will need to sit tight for 3 days before transferring funds.
  3. Paytm says that the charge can be overhauled later on.


From the money deficiency circumstance that has happened because of the demonetisation of Rs. 500 and Rs. 1,000 notes, Paytm has been pulling in a considerable measure of clients to its stage. The computerized wallet industry believes that this move from PM Narendra Modi is a ‘surgical strike on money’, and will intensely support the reception of advanced wallets in the nation. The sudden demonetisation has brought about devastation, with long lines now a consistent undertaking outside banks for stores, and outside ATMs for withdrawals. To pad the main torment point, Paytm has presented another route for clients and shippers to place cash in their financial balance, taking out the need to remain in long lines each day.

In a blog entry on Sunday, Paytm reported a level 1 percent charge to execute cash from their wallets to their financial balances. Not at all like beforehand, all KYC (know your client) agreeable or resistant clients will now have the capacity to exchange the cash with no bother. For every single new part without KYC finished conventions, there will be a three-day hold up period, after which they can exchange the cash to their ledgers. All new KYC finished individuals can quickly exchange their cash for the previously mentioned 1 percent exchange charge.

Paytm has issued a base roof top of Rs. 100 for wallet to bank exchange too. Prior, Paytm used to charge 1 percent expense from all individuals who had finished their KYC conventions, and 4 percent from the individuals who hadn’t. Moreover, the sit tight period for new individuals was 45 days.

This move is to clearly urge more vendors to acknowledge installments through Paytm, now that storing money into their records is a dreary undertaking. At only a 1 percent expense, the sum will consequently be exchanged to the record through the Paytm wallet specifically. The organization guarantees that more than 850,000 vendors and 30 million clients have utilized Paytm as a part of the most recent three days for making installments.