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<ul><li>The <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> has said that the government does not plan on levying charges on <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> transactions.</li><li>A discussion paper by the RBI suggested a tiered charge for UPI transactions.</li><li>The ministry has said that the government will continue to support the digital payment ecosystem.</li></ul>The Unified Payments Interface (UPI) is one of the biggest achievements of the Digital India initiative and has made payments easier. One reason that UPI was so successful is that the users were not charged anything to send and receive money. The Reserve Bank of India (RBI) recently released a <a href="https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/DPSSDISCUSSIONPAPER5E016622B2D3444A9F294D07234059AA.PDF">consultation paper</a> on charges in payment systems. One of the suggestions in this paper was that a tiered charge could be imposed on UPI transactions in line with Immediate Payment Service (IMPS) transactions. “UPI as a funds transfer system is like IMPS. Therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions. A tiered charge could be imposed based on the different amount bands,” the RBI said in its paper. The government has now clarified that it does not plan to impose any charges on UPI. “UPI is a digital public good with immense convenience for the public &amp; productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services,” the Finance Ministry said in a <a>tweet</a>. The ministry also said that the cost incurred by the service providers would have to be recovered through other means. “The concerns of the service providers for cost recovery have to be met through other means," the ministry added. “The Govt had provided financial support for the Digital Payment ecosystem last year and has announced the same this year as well to encourage further adoption of Digital Payments and promotion of payment platforms that are economical and user-friendly,” the ministry added. The government must continue to keep UPI transactions free as it continues to grow. To understand the importance of UPI, we need to look at the transaction numbers. <cmsannotation type="cmsannotation" annotationid="India recorded over 200 million UPI transactions per day in July 2022" comment="subhead" text="India recorded over 200 million UPI transactions per day in July 2022">India recorded over 200 million UPI transactions per day in July 2022</cmsannotation> In July 2022, over <a href="https://www.businessinsider.in/finance/news/upi-transactions-reach-a-new-high-cross-the-6-billion-mark-in-july-2022/articleshow/93297345.cms'">200 million transactions</a> were done daily using UPI, resulting in a total of 6.28 billion transactions. The total value of transactions in July 2022 alone was ₹10.62 lakh crore. Another area where UPI has become important is international travel. Indians can use UPI in countries like <a href="https://www.businessinsider.in/india/news/indian-travellers-in-uae-can-now-use-upi-for-payments/articleshow/90976283.cms">UAE</a>, <a href="https://www.businessinsider.in/finance/news/upi-and-rupay-cards-will-soon-be-accepted-in-france/articleshow/92247190.cms">France</a>, Singapore, Bhutan and Nepal, making payments easier when they travel. In addition, the government also announced its plan to allow credit cards to be <a href="https://www.businessinsider.in/finance/news/sbi-cards-phonepe-google-pay-to-benefit-from-rbi-allowing-credit-cards-to-be-linked-to-upi/articleshow/92099285.cms">linked to UPI</a>, allowing users to use UPI to make payments with their credit cards. This will give a big boost to b credit cards and UPI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">Chinese smartphones continue to lead the market share despite crackdown by the Indian government</a> <a href="https://www.businessinsider.in/finance/news/upi-transactions-reach-a-new-high-cross-the-6-billion-mark-in-july-2022/articleshow/93297345.cms'">Over 200 million UPI transactions were done each day in July 2022</a> <a href="https://www.businessinsider.in/finance/news/indian-policy-makers-are-not-happy-that-8-out-of-10-upi-transactions-are-being-done-through-phonepe-and-google-pay/articleshow/92804434.cms">Indian policy makers are not happy that 8 out of 10 UPI transactions are being done through PhonePe and Google Pay</a>

UPI transactions will remain free, government says it has no plan to charge them

Country’s largest state-run lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has revised the prices it charges on <keyword id="6489285" type="ORGANIZATION" weightage="100" keywordseo="Immediate-Payment-Service">Immediate Payment Service</keyword> (IMPS) for transferring money. For transfers up to Rs. 1,000, customers won’t need to pay any charges after, while transfers from Rs. 1,000 to Rs. 1 lakh will be charged a fee of Rs. 5, exclusive of applicable goods and services tax (GST). For transfers from Rs. 1 lakh to Rs. 2 lakh, users would need to pay a charge of Rs. 15, plus applicable GST. SBI, however, isn’t the first bank to change its charges levied for various services post the implementation of GST, given that the new regime put banking and financial services under the tax bracket of 18%. Taking to the microblogging site Twitter, SBI announced that GST will remove the cascading effect of tax on prices of goods and services, thus reducing production costs.

SBI alters charges on IMPS money transfer

In India, as of 2011, only 35% Indians had bank accounts. As of this month, Indian government’s effort under <keyword id="2493931" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojna">Pradhan Mantri Jan Dhan Yojna</keyword> led to 306 million JDY accounts opening since its launch in 2014. The mission to provide no-frills, no-minimum-balance bank accounts to every adult including the ones below the poverty line has been remarkably successful, to say the least. The premise of PMJDY was to lower bank transactions costs so that millions of Indians who lacked access to financial services could finally be financially included. The launch of another new service coupled with the increase in mobile data usage could prove to be a highway to not only get more Indians financially secure but also encourage savings and digital adoption. The watershed moment? <keyword id="3236791" type="ORGANIZATION" weightage="60" keywordseo="Paytm-payments-bank">Paytm Payments bank</keyword> has finally launched as India’s mobile-first bank with zero charges on all online transactions and no minimum balance requirement. <keyword id="6357120" type="PERSON" weightage="20" keywordseo="PayTM">Paytm</keyword> <keyword id="2324069" type="ORGANIZATION" weightage="20" keywordseo="Payments-Bank">Payments bank</keyword> will be a part of the popular Paytm wallet app. <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, CEO, Paytm said during the launch that the entire wallet business is currently contribution positive and by financial year 2018 he expects the Payments Bank business to facilitate one lakh transactions. Sharma still owns majority stake in the new bank, and the remaining share is owned by One97 Communications Ltd. Business Insider spoke to <keyword id="2807104" type="PERSON" weightage="60" keywordseo="Renu-Satti">Renu Satti</keyword>, CEO, Paytm Payments Bank who reaffirmed the company’s commitment to serving the large un-served and under-served population “We are committed to offering the most transparent, safe and trusted banking to masses and aim at onboarding 500 million people on the platform in the next three years." How does it compare Paytm Payments Bank has planned an investment of $500 million in KYC (Know Your Customer) operations and is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account. The bank will have 31 branches all over India by the end of this year. The bank also plans on opening ATM branches and 'people' branches for cash disbursements. The Payments bank is offering benefits like zero-balance account, free IMPS, NEFT, RTGS, and <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="UPI">UPI</keyword> transactions. Paytm Payments Bank account holders will also be eligible to earn an interest of 4 per cent on savings every month and offered a free insurance cover of up to Rs 2 lakh in case of death or permanent disability according to the company’s terms and conditions.The account holders of Paytm Payments Bank will get a free digital debit card after signing up but they can also ask for a physical Rupay card, which will cost Rs 100 excluding delivery charges. It also has some limitations like it can't offer financial products of their own as a business entity, but it can act as a business correspondent and partner with other financial institutions and banks to offer loans, fixed deposits, insurances and mutual funds. Paytm Payments bank is also providing customers with a physical cheque book and Passbook on request but <keyword id="2939236" type="PERSON" weightage="20" keywordseo="Satti">Satti</keyword> says that they will always be digital-first, “We have created a customer-centric product which will be easy to adopt on mobile. While we don’t want to limit our customers, we will ensure everything is available on the app itself.” Satti maintains that the bank will be soon start lending to create better access to easy loans and the Paytm Payments Bank aims to be EBITDA profitable in the next two years. “A great product should be easily adoptable and we want to make banking easy for the masses. We will also be launching loyalty programs to onboard the people who are already a part of the formal banking system," she signs off. Here are the charges the new digital bank will levy: ATM Transactions Non-metro Locations: 5 free every month; post that Rs 20/transaction Balance check: Rs 5/transaction Metro Locations: 3 free every month; post that: Rs 20/transaction Mini statement, Balance check: Rs 5/transaction Annual subscription for physical RuPay Debit Card: Rs 100 annually Cheque book (10 leaves): Rs 100 and delivery charges Charges on Paytm Wallet Paytm Wallet to <keyword id="6024275" type="ORGANIZATION" weightage="20" keywordseo="bank-transfer">Bank Transfer</keyword> - Basic Customer 3 per cent Paytm Wallet to Bank Transfer - KYC Customer 3 per cent

India’s first mobile bank with zero-fee online transactions and no minimum balance is on your Paytm app

On the occasion of its foundation day on December 18, <keyword id="6986952" type="General" weightage="100" keywordseo="idfc-first-bank" source="Orion">IDFC FIRST Bank</keyword> has announced zero-fee banking on savings accounts. The Bank has waived off fees on 25 commonly-used banking services related to savings accounts such as cash deposit and withdrawal at branches, third-party cash transactions, demand drafts, immediate payment service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on, according to a statement from the lender. Even customers maintaining as low as Rs 10,000 as average monthly balance (AMB), as well as the Rs 25,000 AMB savings account variant will enjoy these benefits. This will benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges, the lender said. <keyword id="7145428" type="General" weightage="20" keywordseo="IDFC-First" source="Orion">IDFC FIRST</keyword> Bank said it believes that understanding of the fee levied involves complicated calculations, and many customers are not aware of the charges they incur. In addition, the debit entries for charges go unnoticed among large number of entries of actual transactions made by the customer in the statement of account, according to the statement from the lender. In such a landscape, the Bank said it offers a range of services with zero fees for 25 essential services. According to the statement, these zero-charges services are a number of cash transactions at branches per month (both deposit and withdrawal), the value of cash transactions (both deposit and withdrawal) at branches, third-party cash transaction charges (both deposit and withdrawal) at branches, issuance charges for demand drafts/PO at bank locations, IMPS charges per outward transaction, NEFT charges per outward transaction at branch, RTGS charges per outward transaction at branch, cheque book charges, SMS alert charges, issuance of duplicate statements, passbook charges, charges of balance certificate, charges of interest certificate (certificate tells you the exact amount of interest you have received in a financial year for each of your fixed deposits and savings accounts), account closure and Electronic Clearing Service (ECS) return charges. The lender also said it would waive off charges completely for stop payment charges, charges for international ATM/ point-of-sale (POS) transaction, charge for insufficient balance per transaction at ATM, standing instruction charges, charges for cancellations or revalidation of managers' cheque or demand drafts, photo attestation charges, signature attestation charges, old records or copy of paid cheques charges, address confirmation charges and lastly any deliverable returned by courier due to negative reasons. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/i-am-glad-i-fd-up-so-much-in-life-that-it-is-content-now-says-ankur-warikoo/articleshow/96282722.cms">I am glad I F**%*D up so much in life that it is content now says Ankur Warikoo</a> <a href="https://www.businessinsider.in/stock-market/news/tata-motors-yes-bank-sun-pharma-among-stocks-to-watch-out-for/articleshow/96332177.cms">Sensex, Nifty50 open on a positive note amid mixed global cues – Tata Motors, Yes Bank, Sun Pharma among stocks to watch out for</a> <a href="https://www.businessinsider.in/stock-market/news/top-gainers-and-losers-stocks-of-2022-in-india/articleshow/96332417.cms">Best and worst performing stocks of 2022</a>

IDFC First Bank announces zero-free banking on savings accounts

All I wanted to do was attend a concert.I was ready to pay my hard-earned money to see one of my favorite bands perform at New York City's Madison Square Garden. Ticket buying is simple enough in theory — but as I went in pursuit of the tickets a few months ago, I was prepared for a fee shock. For years, the initial price of tickets has been a tease — after totals are adding up during checkout, the final price is often an unpleasant surprise.After making my way to the front of the dreaded virtual ticket queue, I scored three tickets. But when I got to the checkout, something shocking happened: There were no pricey add-ons — no service fee, no processing fee, no convenience fee. Had something gone wrong? Had I gotten away with purchasing tickets at face value? As my initial fervor subsided, I had a second realization: Those tickets weren't cheap! Even compared with previous events at MSG — including a concert by this same band — the tickets felt much more expensive. But the total cost was the same as previous tickets I'd gotten. Instead of being tacked on at checkout, the fees I had been dreading were baked into the up-front price. The company still got their fees, but my user experience was different.Every time we log on to shop, buy a new cable plan, or book that long-awaited vacation, companies have been playing psychological tricks to lure us into paying more than anticipated. And these <a href="https://www.businessinsider.com/real-estate-junk-fees-home-buying-house-prices-more-expensive-2023-5">hidden fees have spread from big-ticket splurges</a> to nearly every type of online transaction, Neale Mahoney, a professor of economics at Stanford University who just spent a year on the White House's National Economic Council, told me. Now, he said, "there are so many opportunities for people to add fees" directly into your shopping cart."It's a combination of spreading of worse practices and the internet, which has turbocharged all of this," he said. While the rise of tacked-on fees has continued unabated for years, growing consumer backlash and President Joe Biden's recent initiative to eliminate hidden junk fees have pushed more companies to shift to transparent, all-in pricing. But this seemingly generous act is anything but. Companies are just baking all those fees into the total price — making the hidden fees even more hidden. That $20 booking fee and the $7 handling fee are still there, just shrouded in an extra layer of mystery.The shift may seem insidious, but experts told me there's hope for a better, free-fee future: If every company adopts up-front pricing, consumers can begin to understand the true cost of things — and make more informed decisions that force companies to compete on price."There is good evidence that when you require firms to price in an all-in, up-front manner, that it makes markets more competitive. It's easier for consumers to comparison shop," Mahoney said. "That means that market forces are stronger, and that pushes down the total price that consumers are paying."<div type="image" title="A woman with a sign asks for a ticket before the concert of Bob Dylan, at the Alfonso XIII Botanical Garden of the Complutense University of Madrid, on June 7, 2023, in Madrid, Spain." height="4160" width="5546" msid="103660443" hostid="261"></div><h2>How the internet became fee city</h2>Over the past 20 years, the internet has revolutionized how we buy things. Flights, concert tickets, pizzas, and even toilet paper are just a click away. The ease of use made the early web a buyers' mecca: You could see how much it would cost to fly on one airline versus another or compare the price of PC equipment on different sites. Sara Fisher Ellison, a senior lecturer at MIT who since 2004 has been researching pricing on the internet, told me that for a while, this transparency was good for price-conscious consumers."There have been times when the consumers did have an upper hand and were able to perform these price searches and comparisons in a pretty effective and efficient way online," Ellison said.But that golden era of price search was short-lived as companies got more sophisticated. As sellers got used to the internet, they started to employ "obfuscation," as Ellison called it — methods of pricing jiujitsu that hid the true cost to eke out more profits. Instead of your airline ticket including baggage, food and beverages, and a "reasonable procedure to board the plane," Ellison said, all those have become unbundled. The price customers now use to compare across airlines is simply a base price — but the variable cost of add-ons, such as priority boarding and checked luggage, make it nearly impossible to tell which <a href="https://www.businessinsider.com/air-travel-airline-customer-service-airports-delayed-canceled-flights-terrible-2023-2">airline will actually end up costing you more</a>. Obfuscation has cost consumers the upper hand: Companies can reel in customers with an artificially deflated price before jacking the cost up via fees — consumers spent <a href="https://www.businessinsider.com/us-airlines-made-7-billion-baggage-fees-last-year-comparison-2023-5">$6.8 billion on baggage fees in 2022 alone</a>. It also lowers the overhead for many sellers: Instead of having to hire an army of Harold Hill-like master salespeople to upsell you, firms could just hide those premium costs on the checkout page."We suspected that firms would be really taking advantage of the fact that obfuscation was much easier and cheaper for them to implement," Ellison said. "And that seems to have very much been the case."<h2>Your brain vs. your wallet</h2>You may be thinking, "I am a savvy consumer. I always make sure I'm getting the best deal possible." Unfortunately, research has found that the obfuscation strategy can make it hard to even realize when you've been suckered. Vicki Morwitz, a professor at Columbia Business School who studies the psychology of how consumers interpret prices, identified two types of pricing tricks. One type, called partition pricing, is when a product's price is divided into two or more parts; she gave me the example of a cruise, where the cruise ticket is a base price and the mandatory port charge is labeled as a surcharge."When we, as consumers, see partition prices, our brain tends to focus on the base price," Morwitz told me. That bigger, more-salient number typically represents to us the cost of the item we want to buy. "We tend not to pay sufficient attention to those surcharges," she added. That means we underestimate what a partition-price item costs — so we're more likely to make that purchase. The other is called drip pricing. That's when charges that will get added to your total aren't apparent up front but are dripped throughout the process of purchasing. Think of the convenience fees that rack up as you buy a concert ticket, for instance. On the first page, you see the ticket price. On the next one, once you select your ticket, you see the booking fee. Finally, when it's time to whip out your credit card, you see a facility or venue fee. Drip pricing relies on a timed aspect: You invest a certain amount of time in each step of the purchase, with fees slowly revealed throughout that period."I may realize at the end: 'This ticket's a lot more expensive than I thought — and maybe there's another option where I could get the ticket cheaper.' But consumers tend not to do that," Morwitz said. "They tend to follow through on the purchase even when it's more expensive than they thought it was."With drip pricing, consumers' brains trick them again: Morwitz's research has found that when you make it to the final checkout process and realize that your tickets are more expensive than you saw initially, you've already mentally committed to the experience. It can be hard to pull the plug so late in the process."Maybe because of 'FOMO,' they can already visualize themselves at a concert," Mahoney said. "They already can visualize themselves eating their dinner. They won't go searching for a cheaper option."That's exacerbated by websites presenting big, flashing countdown clocks or telling you that there's just a few tickets left at that price. We assume the time we've invested in purchasing the tickets is a sunk cost and click buy — spending more than we intended and overestimating the cost of restarting our search.<h2>How to combat it</h2>There has been more drip and partition pricing over time, Morwitz said, largely thanks to internet shopping. The fee-laden model has become a part of online life and embedded itself into the psyche of many shoppers. "Even when we know there are those surcharges, we don't pay attention to them because we kind of think of them as the cost of doing business," Morwitz said. "We're like, 'Oh, well all the competitors must have them. They must be all more or less the same.'"While consumers might say they want clearer, fee-free pricing — 51% of consumers surveyed by YouGov in July said it was important that they do not pay more than <a href="https://www.businessinsider.com/ticketmaster-live-nation-seatgeek-remove-hidden-ticket-fees-checkout-2023-6">the price initially shown for concerts</a> — they've rejected it in practice. Just look at the ticket-resale platform StubHub. The company moved to an "all-in pricing" model in 2014, meaning consumers would see how much their ticket cost up front. But instead of consumers flocking to single-cost tickets, they started to ditch the platform. Research on StubHub's pricing experiments <a href="https://www.nber.org/system/files/working_papers/w25186/w25186.pdf" target="_blank" rel="noopener">later found</a> that concealing those fees through drip or partition pricing increased revenue by 20% and that "experienced users" of StubHub still spent more when the fee was hidden."Unfortunately, the broader industry did not adopt all-in pricing, leaving buyers confused and StubHub at a significant competitive disadvantage," Laura Dooley, StubHub's head of global government relations, testified at a White House panel in March. "StubHub's all-in pricing confused buyers who assumed our prices were exclusive of fees and therefore more expensive relative to our competitors."But even if people rewire their brains and become staunch anti-fee activists, the movement will need government action to support the fight. Without an industry overhaul, the companies that choose to do all-in pricing will go the way of StubHub: Our fee-addled brains will think they're more expensive and tell us to go purchase elsewhere. The practice needs to be widespread for us to actually be able to compare prices.In Europe, for instance, all-in pricing is an obligation. That means that prices for things such as airline and train tickets have to include all costs — including fees and taxes — when you start trying to book; that's explicitly meant for consumers to be able to compare prices. The Canadian government is also looking to pare down hidden fees. The White House has begun to take on this fight in the US, launching several initiatives to help eliminate junk fees and raise awareness of hidden costs. The White House's hope is that a push to get firms including <a href="https://www.businessinsider.com/ticketmaster-live-nation-seatgeek-remove-hidden-ticket-fees-checkout-2023-6">Ticketmaster</a> and <a href="https://www.businessinsider.com/biden-new-plan-to-save-renters-from-bogus-apartment-fees-2023-7">Zillow</a> to have all-in pricing will not only aid consumer transparency but also increase competition to offer the lowest cost to customers. Michael Negron, the special assistant to the president for economic policy at the National Economic Council, told me that while <a href="https://www.businessinsider.com/what-are-junk-fees-companies-taking-money-from-you-biden-2022-10">the White House's campaign against fees</a> would "start with the consumers — you raise awareness, you use the bully pulpit, hopefully push for positive private-sector action" — eventually there would need to be something "done via either a regulatory tool or a new law."<h2>True costs</h2>Much like how <a href="https://www.businessinsider.com/why-prices-inflation-soaring-corporate-greed-profits-margins-wages-jobs-2023-4">companies hid price hikes behind the guise of inflation</a>, fees are hiding costs consumers can't fully process. It's what <a href="https://www.npr.org/2023/07/27/1189665392/fees-inflation-white-house-service-hidden" target="_blank" rel="noopener">NPR called</a> "fee-flation." Some fees may be necessary, but others, as Mahoney told me, are made up and designed to look like they're government-imposed, for instance, when they're not. Those are the fees that could be trickier to regulate as they get folded into pricing — the made-up fees will get more hidden. Thankfully, they're also the kind of "unnecessary, unavoidable, or surprise charges that inflate costs while adding little to no value" that have drawn the attention of the Federal Trade Commission. But in lieu of more government action, the move to up-front prices means that at least now we can fully see how much things cost.<div type="image" title=". President Joe Biden delivers remarks on protecting consumers from hidden junk fees as (L-R) CEO of SeatGeek Jack Groetzinger, Co-CEO of TickPick Brett Goldberg, CEO of DICE Phil Hutcheon, CEO of xBk Tobi Parks, Director of the National Economic Council Lael Brainard, CFO of Airbnb Dave Stephenson, and President of Live Nation Venues Tom See listen during an event at the South Court Auditorium at Eisenhower Executive Office Building on June 15, 2023 in Washington, DC. P" height="3974" width="5298" msid="103660445" hostid="261"></div>Looking back at my concert ticket, I realized how much my music habits were costing me. Experts hope that the budgeting reckoning I experienced when faced with the true cost of my decisions can be replicated among other consumers. Eventually, people's self-realization and drive to comparison shop could end up pushing prices down. It could also help firms that are trying not to trick their customers, since the hidden-fees model penalizes companies who price accurately."One of the problems with the use of partitioning in pricing is it makes it very difficult for an honest business who wants to do the right thing to do so in the face of competitors who are using these practices," Morwitz said.This constant battle between companies and customers has led to some creative solutions to the fee problem. In April, the artist Maggie Rogers invited her fans to come buy concert tickets in person at the box office, where they wouldn't be charged extra fees, saying that "there's been a lot of conversation about how intense ticketing fees are" and that she'd been thinking about ways to provide alternatives to fans. Others are also fighting back. "If you walk up to any of our box offices, you could buy a ticket to any of our venues and not be charged a fee," Audrey Fix Schaefer, the director of communications for I.M.P., an independent promoter in Washington, DC, that owns the 9:30 Club and the vice president of the board at the National Independent Venue Association, told me. In fact, some of her venues have roving box offices, which drive to different parts of the city or state to help music lovers buy tickets sans fees.Of course, these one-off solutions won't kill the scourge of hidden fees overnight and are generally available only to customers with the time, ability, and savviness to circumvent an extra charge. But in the end, fees aren't a force of nature, and a concerted effort on the part of regular consumers and policymakers could move us to a better, more-transparent future. After all, Mahoney told me, "I have never seen a good justification of what I'd call mandatory hidden fees."<a href="https://www.businessinsider.com/author/juliana-kaplan" rel="">Juliana Kaplan</a> is a senior labor and inequality reporter on Insider's economy team.

The most insidious part of online shopping is about to get even worse

<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> is a pioneer of QR-based and mobile payments and the <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword> has become a one-stop-shop for all kinds of <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">payments</a> online over the years. The platform allows users to shop online, make payments using UPI, book tickets, recharge mobile phones and much more. The platform that began India’s fintech revolution is more than just a general payments app today, and one of its most useful functions is in managing and paying <keyword id="133020" type="General" weightage="20" keywordseo="credit-card-bills" source="Orion">credit card bills</keyword>. Paying credit card bills on Paytm is simple, easy and functional. It can remind you when it’s time to pay, and can be used to pay multiple bills at the same time. Here are some reasons you should use the Paytm application to pay <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">credit card bills</a>. <ul><li>The Paytm app makes credit card payments easy by allowing users to add multiple cards to the app and remember them.</li><li>By adding multiple cards, the app also allows users to pay for all the credit cards at the same time. The Paytm app allows you to pay your credit card bill for all banks across Visa, Mastercard, Rupay, American Express, and Diner card portfolios.</li><li>The app also provides rewards, cashback, and flexible payment methods for users to pay credit card bills.</li><li>While bank applications usually use NEFT or IMPS methods for bill payment, the Paytm app throws UPI into the mix.</li><li>The Paytm app also allows the user to set reminders for bill payments, so they don’t miss the due date.</li></ul>How to make payments using Paytm app If you don’t have a <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">Paytm </a>account, you need to download the app on your iOS or Android smartphone and create one. Once that is done, you can go to the ‘recharge &amp; bill payment’ section on the Paytm app and select the ‘<keyword id="1069333" type="General" weightage="20" keywordseo="credit-card-payment" source="Orion">credit card payment</keyword>’ option. The app will ask you to enter the credit card number when you make a payment the first time, but it can remember the card after that. With the Reserve Bank of India’s (RBI) new guidelines in place, the cards will be saved with Visa, Mastercard, or another card issuer, and Paytm won’t actually store the details on its own servers. Once the card number is entered, the user will need to click ‘proceed’, to allow the app to automatically detect the bill amount by contacting your bank. The next step is simply to select one of the payment modes — UPI, net banking, debit card, etc — and make the payment. A decade ago, people had to go to an ATM and drop a cheque to pay their credit card bills, but the Internet made that simpler. And now, apps like Paytm are making this process easier by bringing different cards and different payment methods to the same medium. Add features like late fee protection and reminders on top, and you have perhaps the best way to make credit card payments. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm makes it easier to pay credit card bills – here are five reasons why you should be using it

Contactless payments have grown 6x in the last few years. And if there’s one player which has had a major contribution in making this possible, it’s <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword>! Paytm has a solid reach in India. With over 350 million <a href="https://www.statista.com/statistics/1034520/india-digital-payments-user-base-by-company/#:~:text=Paytm%2C%20with%20over%20350%20million,user%20base%20of%20118%20million.">active users</a>, out of which 39 million are <a href="https://findly.in/paytm-users-in-india/">daily active users</a>, the company has established itself as the leading payments company in India. <cmsannotation type="cmsannotation" annotationid="Easy Money Transfer with Paytm Wallet" comment="subhead" text="Easy Money Transfer with Paytm Wallet"><keyword id="14338023" type="General" weightage="50" keywordseo="easy-money-transfer" source="Orion">Easy Money Transfer</keyword> with <keyword id="3032681" type="General" weightage="80" keywordseo="paytm-wallet" source="Orion">Paytm Wallet</keyword></cmsannotation> Paytm offers its users ease of payment and money transfer in a number of ways. One of these is the “Add Money” feature. Instead of transferring money through IMPS, NEFT or RTGS, Paytm lets you make instant payments that reach the receiver’s account immediately. The simple requirement is to have money in the Paytm Wallet. <cmsannotation type="cmsannotation" annotationid="Automatic Money Add to Paytm wallet" comment="subhead" text="Automatic Money Add to Paytm wallet">Automatic Money Add to Paytm wallet</cmsannotation> A big offering of Paytm that makes its user’s life convenient is the ‘<a href="https://paytm.com/paytmmp://cash_wallet?featuretype=money_transfer" data-type="tilCustomLink" target="_blank">automatic add money</a>’ option. This feature enables a user to set a specific amount as a minimum balance in the Paytm wallet. When that minimum amount is reached, the wallet will be automatically recharged with a set amount. The user can also easily set this recharge amount according to their preference. For example, if you want to maintain a minimum balance of Rs. 1000 in your wallet at all times, you can utilise the automatic add money feature to add Rs. 2000 to your wallet. This way, whenever your account balance reaches Rs. 1000, Rs. 2000 will be added to your wallet. With money being added automatically, the user does not need to worry about being short on balance or topping up the Paytm wallet at the time of making the payment. <cmsannotation type="cmsannotation" annotationid="How to set up the “Automatic wallet top-up” feature?" comment="subhead" text="How to set up the “Automatic wallet top-up” feature?">How to set up the “Automatic wallet top-up” feature?</cmsannotation> For Paytm users who make regular money transfers through the app, setting up this feature will be quick and easy. Follow the steps below: <ol><li>Open the Paytm app</li><li>Now, tap on the profile icon in the top left</li><li>Select “Payment settings” option </li><li>Choose the “Automatic Payments &amp; Subscriptions” option</li><li>Select the “Add Money” option present in the middle </li><li>Enter the threshold amount. This would indicate that whenever your Paytm wallet reaches this amount, money will automatically be added to it. </li><li>Click on the amount you want to top up with each time you reach the above threshold amount. </li><li>Tap on the “Proceed” button at the bottom. </li><li>Next, select an option to pay. Choose an option from the many options available. This will be the source from which the amount will be automatically deducted. </li></ol>You’re all done in less than five minutes! <cmsannotation type="cmsannotation" annotationid="Why to Use the Automatic Add Money Feature" comment="subhead" text="Why to Use the Automatic Add Money Feature">Why to Use the Automatic Add Money Feature</cmsannotation> Since the app supports all major payment instruments, you can choose your preferred option for adding money to the Paytm wallet when turning on the automatic money add feature. The money can be added through UPI and <keyword id="3236791" type="General" weightage="50" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. What’s more, no charges are levied for adding money to your wallet from any of these options! The automatic money add feature comes in handy for making monthly recurring payments. Some of these include prepaid mobile phone recharges, gas cylinder bookings, electricity bill, credit card payments, water bill, etc. If you avail this option, your bill will be automatically paid for you as soon as it is generated or within 3 days before the due date. Through the automatic add money feature, you never default on your bill payments, thereby saving money on late fee and default charges. The user is notified of the bill being automatically paid through SMS, email and app notifications. With <a href="https://paytm.com/paytmmp://cash_wallet?featuretype=money_transfer" data-type="tilCustomLink" target="_blank">Paytm Wallet</a> , you can make superfast payments without worrying about running out of money. Paytm maintains the balance for you, and lets you remain carefree! Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Adding money to your Paytm wallet can’t get easier than this

<ul><li>People can pay credit card bills round the clock through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, and during weekends as well.</li><li>As of now, this option was available only with SBI credit card app, making it difficult for many users to pay credit card bills on the last day. </li><li>Hence, people had to pay late fee if they paid bills on Friday and the deadline is Saturday or Sunday. </li></ul>Those who use credit cards know that there is nothing like a last-minute payment. Most of the payments made on the second half of the last day, land users with late fees. A large section of tend to use credit and debit cards of the same bank and choose to physically transfer it via NEFT from savings account to credit card account. Since these transactions ‘cease’ after banking hours, they slip on to the next day and will be counted as ‘late payments’. A few credit card companies charge 20% of the amount owed, as late fees. Added to that, ‘late payments’ affect credit scores as well. Starting today, RBI’s move to allow NEFT round the clock will ensure that fewer customers fall into this trap. As National Electronic Fund extension is made available 24X7 from December 16, users can transfer money on all days of the year, including holidays. It is common for credit card payments made on Fridays being recognised only on Mondays, which lead to confusion and conflict. But extension of NEFT can solve some of these problems. Then and now Earlier, NEFT transactions were available between 8 am to 7 pm on weekdays and also for 5 hours between 8 am to 1 pm on first and third Saturdays. But <a href="https://www.businessinsider.in/india/news/neft-now-available-24x7-pay-credit-card-utility-bills-easily/articleshow/72733703.cms">RBI is extending this convenience for user</a>s who earlier had to wait or schedule payments for the next working day. But there might be a blindspot as NEFT transactions will take place in hourly batches. The first batch between of transactions will take place at 12.30 am and the last batch at 11.30pm . Hence, people might not be able to do any NEFT transaction between 11.30 pm and 12.30 am. RBI is also ensuring the existing discipline for crediting beneficiary's account or returning the transaction (within hours hours of settlement of the respective batch) to originating bank. “The banks will ensure sending positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well,” RBI had said. i No charges on NEFT This 24/7 option is also good news for bank customers as NEFT is free of cost in most cases. The next best option IMPS however is charged at ₹5 plus GST on transactions between ₹10,000 and ₹1 lakh. Over and above that, around ₹15 with GST. Immediate Payment Service (IMPS) is also a digital payment system and allows immediate crediting of the transferred amount. NEFT however takes 3-4 hours to reflect. Banks do not charge for transactions within a bank, but if the user wants to transfer to an account in another bank, it is charged. RBI had <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">advised banks not to levy charges on transactions through NEFT</a> and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country. It set a precedent by not charging banks for settlements. Earlier, RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. See also: <a href="https://www.businessinsider.in/india/news/neft-now-available-24x7-pay-credit-card-utility-bills-easily/articleshow/72733703.cms">NEFT is available 24X7, transfer money anytime now</a> <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">Online fund transfers via NEFT and RTGS to cost less as charges are removed</a>

Paying credit card bills on the last due date will no longer cost you late payment charges — thanks to round-the-clock NEFT

Come June, <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> will increase service charges by as much as 43-50% on select products like debit cards, immediate payment service (IMPS) " a real-time money transfer mechanism " as India's second largest private sector lender aims to realign its fee structure on par with rivals. 
 As per a news report by The Economic Times, customers will now have to pay Rs 750 for an HDFC Bank platinum debit card against the current annual fee of Rs 500, while a <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword> debit card will offer the same revised fee structure, excluding applicable taxes. 
 However, high-networth individuals (HNIs) and corporate salary account customers holding <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> accounts are exempted from the impact. 
 
The ET news report elaborated, an HDFC Bank customer will have to pay Rs 5 for every fund transfer up to Rs 10,000 from May 15 for an IMPS. The current charge is Rs 3.5 for such a transaction. Charges remain unchanged between Rs 5 and Rs 10 for the higher quantum up to Rs 2 lakh. 
 <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> now charges Rs 5 only for an IMPS transaction up toRs 10,000. 
 "All these steps may help generate fee income for the bank, but wouldn't add significantly to profits," Dinesh Shukla, <keyword id="2835505" type="POSITION" weightage="20" keywordseo="senior-banking-analyst">senior banking analyst</keyword> at <keyword id="100578" type="COMPANY" weightage="20" keywordseo="Sharekhan">Sharekhan</keyword> brokerage told the financial daily. 
 
(Image: Reuters)

​If you’re an HDFC customer, this is going to hurt your pocket

Ever since the RBI granted licenses to 11 companies to start payments banks in 2015 , we have seen three fully functioning, the latest one being Paytm. Vijay Sekhar Sharma, the founder, has recently raised 1.4 billion USD from <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> and Alibaba. In a release addressed to media, Sharma said, “"RBI has given us an opportunity to create a new kind of banking model in the world. None of our deposits will be converted into risky assets." While <keyword id="6385180" type="UNKNOWN" weightage="20" keywordseo="Airtel-Payments-Bank">Airtel Payments Bank</keyword> offered free talktimes, Paytm Payments Bank defines itself as the first bank with zero online fees for any transaction, which includes virtual debit card, <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, IMPS. The only things that would be charged are cheque books, demand draft and debit cards, which would be physical. In India, payments bank can collect deposits up to Rs 1 lakh, has to invest 75% of its deposits in government securities, can offer different payment solutions, but can't lend. This comes to the bigger question how would they make money? Shubhankar Bhattacharya, venture partner at Kae Capital told The Economic Times, “For starters, payments banks can't issue loans or credit cards, and are modelled to cover the cost of capital through transaction charges on their payment product. Therefore, payments banks need to find other avenues to improve the yield on the assets made available to them from their depositors.” "Payments banks are more likely to cross-sell services that are being offered on their platform," added Bhattacharya. “They need very high volume to start churning profits. Wallet was the game of boys. Payments banks is the game of men," <keyword id="3849285" type="UNKNOWN" weightage="20" keywordseo="Ashita-Aggarwal">Ashita Aggarwal</keyword>, head of marketing, SP Jain Institute of Management and Research told ET. The 11 entites, which were granted licenses last year, Tech Mahindra, Cholamandalam Investment and <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Company and a consortium of Dilip Shanghvi, IDFC Bank and <keyword id="3371770" type="UNKNOWN" weightage="20" keywordseo="Telenor-Financial-Services">Telenor Financial Services</keyword> have already given up on the venture. It’s for us to wait and watch how Sharma makes Paytm Payments Bank successful like the mobile wallet.

You Searched For "imps fees" and got 10 results

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You Searched For "imps fees" and got 10 results

UPI transactions will remain free, government says it has no plan to charge them

Sourabh Jain

SBI alters charges on IMPS money transfer

BI India Bureau

India’s first mobile bank with zero-fee online transactions and no minimum balance is on your Paytm app

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IDFC First Bank announces zero-free banking on savings accounts

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The most insidious part of online shopping is about to get even worse

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​If you’re an HDFC customer, this is going to hurt your pocket

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If you’re an HDFC customer, this is going to hurt your pocket