“Paytm has introduced the fee to prevent misuse of its zero-fee transfers”
[Update: March 10th]: Soon after introducing the two percent fee on wallet recharges by credit card, Paytm has rolled back the charges, “keeping users’ convenience in mind”. The company said that it will continue to build a series of features to prevent misuse of wallet recharges by credit card.
Paytm has announced that it will now levy a two percent fee when you recharge your wallet using a credit card. As per the brand, this has been done to prevent misuse of its zero-fee transfers, explaining that some users were rotating money between their wallet and bank account to earn loyalty points and get free credit. Paytm has clarified the fee is not applicable for transferring money using a debit card or net banking.
Paytm has announced that it will now levy a two percent fee when you recharge your wallet using a credit card. As per the brand, this has been done to prevent misuse of its zero-fee transfers, explaining that some users were rotating money between their wallet and bank account to earn loyalty points and get free credit. Paytm has clarified the fee is not applicable for transferring money using a debit card or net banking.
It’s worth mentioning that Paytm will reverse the charges on credit cards by issuing users a discount coupon within 24 hours of adding money to the wallet. Users will need to recharge their wallets with Rs 50 or more to avail this offer. The discount coupon can then be applied as a cashback while making any transaction on the service, such as recharges, bill payments, movie tickets, shopping and more. Paytm also noted that the fee on credit cards is only applicable for wallet recharges, and not for any purchases made on its website directly, or with partner apps like Uber, Zomato, Big Basket, Swiggy, etc.
“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, this 2% fee charges on credit card would be reversed in the form of a gift voucher for the same amount which will be issued within 24 hours of adding money effectively giving you this fee back,” Paytm explained in a blog post.
Apart from the fee on credit card recharges, Paytm has also introduced two new payment options – UPI and IMPS. The former is available on the Paytm app and website, while the latter is currently available only on the Paytm website.
follow me for latest updates
jai hind jai bharat
No comments:
Post a Comment