Phonepe Transaction Fees: From recharging mobiles to paying electricity bills and buying items from grocery stores, you must be paying for many online orders using the PhonePe app. But there is bad news for PhonePe users, in fact, now mobile recharge through PhonePe has become expensive. Walmart-owned digital payments company PhonePe has started levying transaction fees on certain transactions, including UPI. Let us tell you that in September, the company had registered more than 165 crore UPI transactions on its platform.
Mobile recharge above Rs 50 But a fee of Re 1 will be recovered
It is worth noting that the company (PhonePe) is the first digital payment app to start charging for UPI-based transactions. At the same time, this service is being provided by its competing companies for free. The digital payment app has started charging processing fees ranging from Re 1 to Rs 2 on every transaction for mobile recharge above Rs 50. PhonePe users will be charged Re 1 for recharge between Rs 50 and Rs 100. On the other hand, for recharge above Rs 100, a fee of Rs 2 will be charged.
No charges on recharge below Rs.50
PhonePe said in a statement, “At Recharge, we are experimenting on a very small scale where few users are paying for mobile recharge. There is no charge for recharge of less than Rs 50. On the other hand, for recharge between Rs 50 and Rs 100, Rs 1 and above is charged. There is a fee of Rs 2 on recharge above 100. Essentially, being part of experiments, most users are either not paying anything or paying Re 1.
PhonePe will start charging processing fee for payments made using credit cards in the same manner as other payment applications. PhonePe, along with Paytm and Google Pay, are the most popular and widely used payment apps in India.
Small fee charge on bill payment Doing Standard Industry Practice
Regarding bill payments, a PhonePe spokesperson said, “We are not the only player or payment platform to charge a fee. Charging a small fee on bill payment is now a standard industry practice and is also done through other biller websites and payment platforms.” We charge a processing piece (called as convenience fee on other platforms) which is charged only on credit card payments.”
PhonePe has 165 crores on its platform in September More UPI transactions done
PhonePe has the largest share in terms of UPI transactions in third party apps. The company had recorded over 165 crore UPI transactions on its platform in September, with the app segment accounting for over 40% share. PhonePe was founded in 2015 by former Flipkart executives Sameer Nigam, Rahul Chari and Burjin Engineer. The digital payment app has over 300 million registered users.
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