Modi’s decision of demonetising Rs. 500 and Rs. 1000 notes have incurred lots of interest in the cash less transfer. The mobile wallets and digital payments are considered to be alternative for the cash crisis. Paytm has en-cashed the situation of the cash hassles by rolling out a new feature in the app. This new feature allows the customers to send money from paytm wallets to any bank accounts at a flat fee of 1%.
More than 85,000 merchants and 30 million users have already used the paytm services in past three days for household services like groceries, petrol, etc. The e-wallet giant has no charges for transfer between the paytm wallets.
Paytm has a user base of more than 150 million widely used in e-commerce market place, other recharges, train bookings, etc. The flat fee of 1% will be applicable for all paytm wallets which are KYC compiled. For new customers who have not complied KYC forms will have to wait for three days to transfer money to bank accounts. Overall 1% charges will apply to the total amount debited from the paytm wallet.
Other e-wallet platforms like FreeCharge, Ola Money and MobiKwik have seen a surge in the user registration after the cash turmoil.