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The act of demonetisation of currency notes (Rs. 500 and Rs. 1,000) in India has raised a lot of challenges for the masses in the country. For example, withdrawing cash from an ATM or swapping the old currency notes with the new ones has become a painful affair lately.
As a result, folks are turning towards mobile wallets for necessary transactions that are to be done on a daily basis. With this in mind, mobile payment platforms in the country are coming up with something or the other to help people overcome the inconvenience caused.
Paytm, in a similar attempt, has lowered the fee (from 4% to 1%) it usually charges the customers for transferring money from its wallet to a bank account. Following the footsteps of Paytm, MobiKwik has also slashed its fee to 0%, as in users will not be charged any money for transferring money to their bank accounts.
But wait, which one is better. Should I use Paytm or MobiKwik?
Well, if you have these questions in your mind, here's the answer.
It totally depends on your preferences. However, despite the fact that it charges 1% of the amount you transfer, it is advisable that you use Paytm and there's a good reason to it.
Paytm has recently launched a new feature called 'Nearby' which lists the nearest merchants who accept Paytm in your vicinity. The best part is that nearly 200,000 merchants already support this feature with 800,000 more merchants joining the list soon.
Using this feature would mean that you'll be able to load and unload cash from your bank account using a single wallet.