PhonePe users will now have to pay a processing fee on mobile recharge. Walmart Group's digital payment company PhonePe has implemented this rule on UPI (Unified Payment Interface) transactions. Users will have to pay Re 1 per transaction on recharge of Rs 50 to Rs 100 and Rs 2 on recharge of more than Rs 100. In this way, PhonePe has become the first digital payment app to charge on UPI based transactions.
Regarding the charge on bill payment, a company spokesperson said that we are not the first in the industry to do this. All digital payment platforms are charging charges for bill payments. Now it has become standard practice. If a bill is paid with the help of a credit card, then we charge a processing fee for it. On other platforms, it is charged as a convenience fee.
As a third party, PhonePe has the largest share in terms of UPI transactions in the app. In September, more than 165 crore UPI transactions were done on the company's platform. This has taken its market share in the app segment to around 40%.
PhonePe has also received approval from the Insurance Regulator (IRDAI) to sell life insurance and general insurance products. The company can now give insurance-related advice to more than 300 million of its users in the coming time. With this PhonePe will be able to sell policies of all insurance companies in India.
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