Coronavirus crisis: Paytm to raise Rs 500 crore for PM CARES fund

Online payment platform Paytm has announced that it aims to contribute Rs 500 crore to Prime Minster's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES). It has urged others to also contribute to the fund.

Paytm said it would add Rs 10 extra for every payment made via its wallet, Paytm UPI or debit card.

Madhur Deora, President, Paytm said, "We will also contribute up to Rs 10 for every payment transaction using the Paytm app and instruments. This money would be directly sent to the PM-CARES fund. Paytm commits to doing everything in its power to support the efforts of our Government in coming out of this crisis."

The PM CARES option is available on Paytm home screen. The page has the option to donate Rs 50, Rs 100 and Rs 250 but users can enter any amount they wish. To complete the payment, users need to enter name and PAN card details.

Paytm had earlier said it was collecting contributions for purchasing hygiene products for the needy. It had also created a Rs 5 crore fund to help innovators develop medical tools and medicines to fight the coronavirus pandemic.

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