Lockdown Impact: Paytm removes MDR fees on wallet payments to support merchant partners

India's leading financial services platform Paytm today announced that all merchant partners can use Paytm All-in-One QR to accept payments through Paytm Wallet, all UPI based payment apps and Rupay Cards directly into their bank account at zero fees. The company has also set aside Rs. 100 crores, which would be invested in giving access to financial services and various marketing tools to encourage merchant partners to accelerate the growth of digital payments through Paytm All-in-One QR during the COVID-19 pandemic. Paytm will continue absorbing the MDR fee which is charged by the banks and will not be offering the loyalty scheme.

Paytm spokesperson said, "We are aiming to support millions of small businesses across the country to accept digital payments from all sources, without worrying about any additional charges. We will absorb the fees charged by the banks, and enable merchants to accept payments at zero fees. We will also continue to offer several benefits for their business, which includes various financial & business services that they use on our platform."

Launched early this year, Paytm All-In-One QR is the only free QR that allows payments from Paytm Wallet, all UPI apps and RuPay cards. A merchant can simply download the Paytm for Business App to use exciting features of this QR - direct bank settlements, single reconciliations, request for various offerings like loan, insurance, etc.