Earlier this week, Paytm rolled out a new feature that allowed customers and merchants to send money from their Paytm wallets to any bank account at a flat fee of 1%. Now the company is allowing money transfer to bank accounts at 0% fee.
The latest move comes from Paytm after MobiKwik also announced the same feature at 0% fee. With the demonetization of Rs. 500 and Rs. 1000 notes, mobile wallets have become extremely competitive and are trying to make use of the current situation.
It must be noted that there are no charges for transferring money between Paytm wallets. This change will be applicable for all Paytm wallets including the ones who have not completed the KYC formalities. Non-KYC merchants & partners will also be able to avail this facility at a flat charge of 1%.
Previously, customers and merchants who 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. We have compiled a list of online stores that accept Paytm wallet. Check it out here.