Now, Paytm users have to pay 2% charge on using credit cards to top up wallets
Business India

Now, Paytm users have to pay 2% charge on using credit cards to top up wallets

New Delhi(DL): Paytm consumers going to have to pay a 2 percent fee on the money added further to their own e-wallet utilizing a credit card.

Till as of now, consumers had to pay 2 percent fee in case they loaded over 10,000 in their own e-wallets via credit card in a mo.

A sms informing “Nominal charge of 2 percent is applicable on adding amount utilizing credit card. Nominal fee is applicable from we pay high charges to your bank/payment network when you add amount utilizing a credit card.

Please utilize UPI (or) debit card to add amount for free” is displayed when clients trying to add amount to their own Paytm wallet via a credit card.

Paytm is also offering an offer, wherein consumers going to gain 2 percent cashback as many as 200 on adding min. 50 utilizing credit card, according to the sms.

When approached, a Paytm Payments Bank spokesman stated clients have the flexibility to add amount to their own Paytm wallet from any of their own preferred funding source, involving UPI, net banking & cards.

“The banks & credit card businesses charge a fee for loading amount into the Paytm wallet from any of these sources. The 2 percent charge is moved on to clients, who utilize credit cards for adding funds to their own wallet.

For everyone different sources, we’ll continue to absorb the cost of loading amount,” the spokesman stated.

The spokesman furthermore stated the firm has temporarily waived the 5 percent charge that is levied on amount transfer from wallet to bank accounts as a promotional offer for the festive season.

“The money added further within the wallet could be habituated to transfer amount to the other wallet (or) bank account(a/c), to make payments to on-line & offline merchants via QR codes, to procedure bill payments, accomplish recharges & several different forms of transactions.

All such transactions going to also continue to be free of cost for our clients,” the spokesman stated.

In 2017, Paytm had presented a similar fee on amounts added further to wallet via credit cards, however had rolled back the call after stress from consumers.

In that time, Paytm had stated the fee has been aimed in curbing misuse of its platform to transfer interest-free credit card funds to bank accounts of consumers in zero transaction cost.

George Henry
George is one among the oldest contributors of Next Bulletin with a particularly unique perspective with regards to Politics niche. He aims to empower the readers with delivery of apt factual analysis of various news pieces from Politics category.

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