If you are someone who uses your credit to load money to your Paytm wallet, get set to pay a 2% charge on adding money to your e-wallet using on credit cards. Paytm has recently announced that the step has been taken in a bid to avoid “misuse” by people who were using this facility to earn freebies by transferring money to the wallet and then to their bank accounts.
Justifying their decision Paytm said, “To avoid this misuse, we are making some changes in our terms. There will be no fee when you shop on Paytm or pay for any utilities using your Credit Card or any other payment option but to avoid the misuse highlighted above, we will put 2% fee (inclusive of taxes) only on adding money to wallet using credit cards while adding money using any other payment option remains free.”
However, the company asserted that in return the company will be offering you a discount coupon of the same amount that will be given to you within 24 hours of you adding money.
“This 2% fee charges on credit card would be reversed in the form of a discount coupon for same amount which will be issued within 24 hours of adding money effectively giving you this fee back. This hopefully keeps unintended misuse of our platform away and as a consumer you still enjoy our services at no extra cost,” Paytm said in an official statement.
“Paytm pays fee to card networks or banks whenever you use any payment instrument like any other online commerce company. Paytm pays a hefty charges when you use your credit card to card networks & issuing banks. If user simply adds money and takes to bank, we lose money,” the statement read as. dditionally, you will have to add at least Rs 250 to be eligible to receive a discount coupon.
Additionally, you will have to add at least Rs 250 to be eligible to receive a discount coupon.