Wednesday, 7 December 2016

E-wallets may drop bank transfer charges

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Digital wallet companies are helping people to get rid of their physical wallets and embrace the idea of having an analogue wallet. But, there is a hitch, although the use of e-wallets makes transactions simpler, especially during this cash chaos, levy of fee on money transfer is not liked by customers. According to a report in DNA , e-wallet companies charge customers when they transfer money from their wallet to banks. 

The fee ranges from 1-3 percent. The charges are for non-KYC users. Wallet biggies are taking steps to waive them off. If this pressure is also eased off, users will be more drawn towards using e-wallets as it is more safe and convenient. Tax benefits in Budget, is one more reason for digital wallet companies to cheer. An HT report brings to light that the Finance Ministry may consider on giving benefits to those making electronic payments. 

A finance ministry official said, government will take several measures to push the use of debit and credit cards and also encourage digital payment. The demonetisation drive has compelled users to make use of plastic money which in turn will help the country to fight the menace of black money.

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