why? a lot of services charge a fee for transfers to bank accounts. it's nothing new. plus with their payment bank coming soon, i guess they would want their merchant customers to use their own bank accounts. i mean banks charge for neft/imps/rtgs payments. Paytm at least makes that free.
PhonePe does not charge for transfer to bank accounts i believe. but then their wallet is practically useless.
1% for partner merchants. who are likely to get cheque books and atm cards once the payment bank is officially launched based on rumors in the market. which means that they would eventually get alternative and free options to access their money deposited with Paytm. for consumers... 1% is i guess reasonable considering regular users are likely to keep funds in their Paytm account for daily need transactions. remains to be seen if payment bank accounts would be available to regular customers... i really have no clue about what sort of featureset is established for these half-banks.
i personally love the fact that i can transfer Rs. 1 using Paytm without worrying about any charges. i remember yes bank charged me rs. 5 for a rs. 1 imps transaction i did for testing with a friend.
All Paytm users can transfer money from Paytm to their bank account at 0% fee (till 31st December 2016)**. And once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Dec’16.
This includes all KYC & Non-KYC users & merchants. All Non-KYC users were earlier charged 1% which has now been reduced to 0%
New Paytm customers have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period.
Ok. So, I had loaded money with ICICI & HDFC Credit Cards. Now to test, I have clicked on Return to Bank for the ICICI one. Are you sure it will go to my "bank account". If so, which one? As I have used 1-2 accounts to load over the past. Or is it a different process flow, where you give full bank details of credit?