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MobiKwik, FreeCharge and Paytm cut wallet-to-account transfer charges

Also read: Our Live blog on the demonetization and keep up with regular updates  As the demonetization drive continues, digital wallet companies Paytm, MobiKwik and FreeCharge have cut charges on wallet-to-bank account transfers. Paytm will now charge 1% to send money from its wallet to any bank account, regardless of whether they have given full KYC. Earlier, Paytm used to charge 4% for such transfers and 1% for merchants who had completed their KYC process. On Paytm, the minimum amount to send to the bank is Rs 100 and the 1% charge will be on the total amount being debited from the Paytm wallet. New Paytm customers have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period. The company added that this is a limited period offer and these rates maybe revised upwards. Meanwhile, MobiKwik and FreeCharge have waived off charges on wallet-to-bank account transfers in order to push retailers to using wallets and help them in depositing money in bank accounts. However, both the companies have not mentioned whether this is a temporary measure. We have written to the company and will update once we have a response from them. FreeCharge's employees have also been getting on the street and helping users sign up on the wallet to make digital transactions. Our employees have taken the streets to help Indians go cashfree with Freecharge #TimeToFreecharge pic.twitter.com/RkHFqiUQbb — FreeCharge (@FreeCharge)…

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