Saturday, 04 December 2021

PhonePe will now charge per transaction on mobile recharges

PhonePe will now charge per transaction on mobile recharges

Walmart-owned digital payments app PhonePe will now impose a processing fee for every transaction. This indicates that you will not be able to recharge your phone above Rs. 50 without extracting out extra money every time. The company has said that it will impose a Re 1 to Rs 2 per transaction for mobile recharge for above Rs 50. PhonePe is the first payments app to have started charging for transactions on mobile recharge.

PhonePe spokesperson told PTI.

"On recharges, we are running a very small experiment where a few users are paying for mobile recharge. Recharges below Rs 50 will not be charged, recharges between Rs 50 and Rs 100 will be charged Re 1 and above Rs 100 will charged Rs 2. Essentially, as a part of the experiments, a majority of users are not paying anything or paying Re 1,"

Read More: RBI imposed a ₹1 crore fine on Paytm Payments Bank Limited

PhonePe charges processing fees for transactions valued above Rs 50, including UPI, credit card, debit card, and wallet. If you don't spend up to Rs 50, you will not be charged the digital app. Like other payments apps, PhonePe will also begin charging processing fees for payments made through credit cards. PhonePe is one of India's most popular, widely-used payments apps, and Paytm and Google Pay. The PTI report stated that it had recorded over 165 crores of UPI transactions on its platform in September, clocking over 40 percent share among the app segment.

Spokesperson added.

"We are not only player or payment platform charging a transaction fee. Charging a fee on bill payment is now a usual practice and is done by other biller website and payment platform also. We are charging a processing fee (called a convenience fee on other platforms) on payments with credit cards only,"

For the unversed, just like Paytm and Google Pay, PhonePe can transfer money with BHIM UPI, manage multiple bank accounts, check account balance, save beneficiaries in various bank accounts like SBI, HDFC, ICICI & 140+ banks. Recharge prepaid mobile numbers like Jio, Vodafone, Idea, Airtel, etc., recharge DTH like Tata Sky, Airtel Direct, Sun Direct, Videocon, etc., pay various bills, and more. You can also buy or renew insurance policies using PhonePe.

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