Paytm has been en-cashing on the current situation of demonetization of Rs. 500 and Rs. 1000 notes. Now, the wallet has rolled out a new feature that will allow Paytm customers and merchants to send money from their Paytm wallets to any bank account at a flat fee of 1%.
It must be noted that there are no charges for transferring money between Paytm wallets. Previously, customers and merchants that had completed their KYC could send money to bank at 1% without any waiting period while those who had not completed KYC had to pay a 4% fee and wait for 45 days after creating their Paytm account before they could send money to a bank account.
This change will be applicable for all Paytm wallets including the ones who have not completed the KYC formalities. Paytm merchants and partners will also be able to avail this facility at a flat charge of 1%. New Paytm customers will have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period. The minimum amount to send to the bank is Rs 100. 1% charge will be on the total amount being debited from the Paytm wallet.
Paytm says more than 850,000 merchants and 30 million users have used its services in last 3 days to purchase their daily needs, including groceries, household stuff, transport, petrol among others. We have compiled a list of online stores that accept Paytm wallet. Check it out here.