Here comes the good news for kirana or grocery store owners. Paytm, a Digital payment firm which is used by almost every second person even in villages and cities has recently announced Rs 100 crore loyalty programmes for grocery stores. To cover losses faced by merchants from transaction charges.
Now, businesses are required to pay 1 percent MDR (merchant discount rate) for transferring payment received on Paytm wallet to their bank account.
Paytm Rs 100 crore Loyalty Programmes:
Paytm has said that it has kept aside Rs 100 crores, which would be invested to give access to financial services & different marketing tools to encourage kirana or grocery stores. So as to, accelerate the growth of digital payments by Paytm all-in-one QR amid covid-19 pandemic.
Senior vice president of Paytm, Saurabh Sharma said, "The banks charge us a fee to load the wallet and we will be returning this 1 percent MDR by doubling the benefits for their business which includes various financial & business services that they use on our platform."
It added, “As part of the new loyalty programme, all merchant partners will be eligible to earn reward points to accept payments from Paytm Wallet, Rupay Cards, and all UPI based payment apps.
The statement mentioned, "The collected points can be redeemed for a voucher instantly or for purchasing exciting merchandise from the Paytm for Business app, like sound-box, EDC, etc. Interestingly, there is no limit on the reward points that can be earned by a merchant. It will directly depend upon the total number of transactions made through the Paytm all-in-One QR."
