What is Paytm? What are the conditions for registering with Paytm? How much is the platform fee of Paytm?

What is Paytm?

Paytm is India's largest mobile payment and e-commerce platform, founded by Vijay Shekhar Sharma in August 2010.

Paytm is known as the "Indian Alipay". As of January 2018, Paytm's market valuation reached US$10 billion.

In February 2017, Paytm officially entered the e-commerce field by launching the Paytm mall App. Paytm mall is a mobile online trading platform launched by Paytm E-Commerce under the parent company of Paytm brand one 97. The products sold include: electronic products, mobile phones, fashion apparel, household goods, accessories, jewelry, electrical appliances, maternal and child products, etc.

What are the conditions for registering on Paytm?

1. Indian mobile phone number. The registration process requires verification of Indian mobile phone number. Indian mobile phone number is 10 digits.

2. The application must be submitted by an enterprise, not an individual;

3. ID card and social security number;

4. Proof of address, water, electricity and water;

5. Bank payment information;

6. Have experience in other cross-border e-commerce platforms;

7. Paytm can only accept payments from public bank accounts. The platform will transfer the payment to your Paytm wallet, and then you can withdraw the money by binding your public bank account.

Paytm currently settles in U.S. dollars (RMB settlement will be implemented later). It would be more convenient to use a Hong Kong company and a Hong Kong public bank account. If you don’t have one, it depends on whether the domestic company can accept U.S. dollars on a corporate basis.

How much is Paytm's platform fee?

Paytm platform charges a uniform 15% fee regardless of category, including platform commission, gateway fee and Indian tax, as follows:

Platform commission: 10.3%;

Gateway fee: 2.7%;

The platform pays taxes to the Indian government: 2.0%.

Note: In the case of returns or paid but cancelled orders, the Paytm platform will still charge a 2.7% gateway fee and a 0.405% (2.7%*15%) withholding service tax.

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