Phone Pe New Rule: Digital payment platform Phone Pe has implemented a new rule regarding its wallet, under which maintenance fees will now be charged on wallets that have not been used for a long time.
A new rule came on PhonePe.
PhonePe New Rule: Nowadays, people often use digital payments to make payments, including apps like PhonePe and Paytm. Many people also use the PhonePe Wallet on PhonePe, while many others do not. Now, important news has emerged regarding this. In fact, the digital payment platform PhonePe has implemented a new rule regarding its wallet, under which a maintenance fee will now be charged on wallets that have not been used for a long time.
According to the company, if a user doesn't make a payment through their PhonePe wallet for 365 days, their wallet will be considered inactive and may incur a quarterly fee of ₹100. PhonePe states that this fee is charged to maintain the wallet, provide platform updates, security, and continue technical services. Following PhonePe's decision, people expressed their displeasure. Many said that they use UPI directly for payments and don't use the wallet, so charging them a fee is unfair.
When will the wallet be considered active?
According to the company, only financial transactions made through the PhonePe wallet will be considered wallet activity. If no transactions are made through the wallet in 365 days, the wallet will be classified as inactive. Simply opening the PhonePe app, making a UPI payment, mobile recharge, bill payment, loan, insurance, or using other services will not be considered active. Updating your KYC will also not be considered active.
How will the fee of Rs 100 be deducted?
PhonePe will first alert the user by sending multiple notifications for 15 days. During this time, if the user makes a transaction using the wallet, the wallet will be reactivated and no fees will be charged. However, if there is no activity within the stipulated time, the company will deduct a quarterly maintenance fee of ₹100 from the wallet balance. If the wallet balance is less than ₹100, the entire available amount will be deducted, and the balance will become zero. The company has clarified that the wallet balance will never go negative.
Why do users continue to get angry?
After the new rule was revealed, many users raised questions on social media. Some said that most people make UPI payments directly from their bank accounts rather than using the PhonePe wallet. Therefore, charging fees for an active wallet is unfair. Some users also called it a charge for a feature they don't use. It's worth noting that such fees are not uncommon in the digital wallet industry. Previously, MobiKwik had announced a maintenance charge for inactive wallets. Airtel Payments Bank also initially implemented a maintenance fee for inactive wallets, which was later changed to an annual maintenance charge model.
