Following a guidieline of the Reserve Bank of India, Paytm put a limit of Rs 25,000 for businessmen to transfer to their bank accounts every month. On Monday evening Paytm decided to make the change.
The e-commerce website Paytm on Monday decided to revise their limit from Rs 25,000 to Rs 50,000 for small retailers and shopkeepers within hours of queries by DNA regarding their grievances that the cap of Rs 25,000 was becoming a hurdle for them to use the e wallet.
"We have got to know about the problems being faced by these self-declared merchants following which we have announced a new category of self-declared merchants who can accept payments up to Rs 50,000 directly in their bank accounts," Nitin Misra, Senior Vice President, Paytm, told DNA.
Following a guidieline of the Reserve Bank of India, Paytm put a limit of Rs 25,000 for businessmen to transfer to their bank accounts every month. On Monday evening Paytm decided to make the change.
Adding that the move is in line with the RBI circular on special measures to incentivise electronic payments, Misra said, \"We are on a mission to bring the benefits of digital payments to every merchant in the country. With this new enhancement, the aim is to offer our merchants greater flexibility in handling their money while presenting them with a quick and affordable merchant payment system."
Earlier on Monday, DNA contacted Paytm officials with various grievances faced by small retailers. "I had crossed my Paytm limit of Rs 25,000 on December 8 only which I had transferred in my bank account. I even accepted payments using the online payment mode until December 15th but I can't accept it anymore. I already have Rs 15,000 in my account which is useless for me. Neither I can transfer them in my account nor I can use them to make my own payments to the dealers as most of them ask for cash or cheques," said Hemant Khanna, a chemist in east Delhi's Pandav Nagar area.
"Immediately after government's demonetisation move, we made three Paytm accounts to make things easier for us as well as our customers. But within 10-15 days our paytm wallets were full and we were not able to transfer money in our accounts. We were left with no choice other than stop accepting payments through Paytm," Manu Sigh, a retailer in south Delhi's Lajpat Nagar area told DNA.
Some of the retailers have even complained about delayed and poor services by Paytm. "Paytm took three days to transfer Rs 10,000 from my paytm wallet to my account. I made several attempts to register a complaint regarding this but nobody received the calls on its helpline numbers," said Tirup Singh, a general store owner in Mayur Vihar.
How will this new Paytm category for self-declared merchants work?
To self-declare as merchants, one needs to tap on 'Accept Payment' in the updated Paytm app, select 'Bank Account', enter bank details and confirm. Next is a self-declaration where the merchant confirms that he/she is the owner of a business and want to accept payments directly in his/her bank account. Post confirmation, the merchant's bank account would be linked to his/her Paytm account and can start accepting payments directly in his/her bank account. A self-declared merchant can accept payments up to Rs 50,000 in a month. Wallet balance of a self-declared merchant should not exceed Rs 20,000 post which, the amount is settled directly to the merchant's bank account.
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