New Delhi. If you also use PhonePe for mobile recharge, then it is going to shock you for you. Online payment application PhonePe has become the first app in the country to start charging fees for UPI based transactions. Digital payment app PhonePe has started charging transaction processing fee for mobile recharge above Rs 50, which will also be applicable for recharge through UPI.
Know how much fee will have to be paid
The company said that it is not charging anything for mobile recharges below Rs 50. For recharge between Rs 50 and Rs 100, it will be Rs 1 and Rs 2 will be charged from PhonePe customers for mobile recharge above Rs 100.
PhonePe said, “On Recharge, we are running a very small scale experiment where some users are paying for mobile recharge. No fee is levied on recharge of less than Rs.50. Re 1 is charged on recharge between Rs 50 and Rs 100 and Rs 2 is charged on recharge above Rs 100. Essentially, as a part of the experiment, most users are either not paying anything or paying Re 1.”
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Fee will be levied on payment by credit card only
PhonePe spokesperson said that we are not the only player or payment platform to collect fees. Charging a small fee on bill payment is now a standard industry practice and is also done by other biller websites and payment platforms. We charge a processing fee (on other platforms it is called service fee) only on credit card payments.”
More than 300 million registered users
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 more than 40%. 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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Orignally published at Tailored Stash
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