With the rise of several digital wallets, money transactions have been much easier. Lately, a rumor has been circulating that Paytm, a popular digital wallet will charge its users extra money for the digital transactions performed on its platform. Paytm is owned by the One97 Communications Limited and has its headquarters in Delhi’s Noida. Hearing the rumor, the company released a statement that says,
“We would like to clarify that Paytm app/payment gateway owned by One97 Communications Limited does not charge or levy any convenience/transaction fee from our customers on using any payment method which includes cards, UPI, net-banking, and wallet. Paytm customers will continue using all the services available on the platform without any fee.”
During the demonetization in 2016, the demand for digital wallets rose drastically, especially Paytm. Transactions through Paytm charges 1% through credit cards and 0. 9% for debit cards and up to Rs12-15 by Net Banking. Financial experts believe that this decision will have a peripheral effect on the digital payment business. The company also suggests the users opt for debit cards and UPI to avoid the said charges.