The move will advantage extra than 17 million merchants on the Paytm ecosystem, the business stated in a statement.
Paytm on Tuesday announced it has waived off all charges on the merchant transactions.
The business is now enabling the merchant partners to accept payments from Paytm wallet, UPI apps and RuPay cards at zero charges.
The fintech big stated it will absorb Rs 600 crore in merchant discount price (MDR) charged annually by banks and other charges to help MSMEs amid the pandemic.
The move will advantage extra than 17 million merchants on the Paytm ecosystem, the business stated in a statement.
“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,” stated senior vice president Kumar Aditya.
The business stated it is also extending economic help to MSMEs and aims to disburse Rs 1,000 crore in loans by March 2021.