Paytm drops business fees on UPI, RuPay, e-wallet

MUMBAI: Paytm has decided to make the best of the new regulations barring banks from charging merchant fees on payment services offered by National Payments Corporation of India (NPCI).
The country’s largest payments company has said that it will allow shops that sign up to receive payments for free from the Unified Payments Interface (UPI), RuPay cards or Paytm e-wallet. Until now, merchants had to pay a fee if their total receipts crossed Rs 50,000 in a month. While UPI and RuPay card payments can be received from any app, including that of rivals, the only catch is that the mode of payment will be through scanning a Paytm QR code.
Unlike in the past when card payments could be made only through a swipe machine, regulators have in recent years allowed card payments to be made by scanning a QR code. Paytm’s new common QR code can be used for accepting UPI payments from any bank or any RuPay card.