Updated By: LatestGKGS Desk
Paytm launches new feature to accept payments directly in banks
Paytm launches new feature where the merchants or traders can accept payments directly in their bank accounts
The self-declared merchants can accept payment upto Rs.50,000 directly in their bank accounts which is a move on RBI’s circular to special measures to ensure digital payments.
Customers need to self-declare themselves to receive payment to bank account
The merchants can self-declare themselves by clicking on ‘bank account’ option in updated Paytm app and provide bank account details.
After that, the owner is required to self-declare himself that he is the owner of the business and he wants to accept the payments directly in the bank accounts.
After the confirmation, the consumer’s bank account will be directly linked to the Paytm’s account and user can receive payment upto Rs.50,000 per month in bank account.
Wallet balance of a self-declared merchant should not exceed to Rs.20,000 post which, the amount is settled directly to merchant’s bank account.
