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

Paytm users to pay 2% charge on using credit cards to top up wallets
Image Source : INC42 Paytm users to pay 2% charge on using credit cards to top up wallets

Paytm users can have to pay a 2 per cent payment on the quantity added to their e-wallet using a credit card. Until now, users had to pay 2 per cent payment in the event that they loaded greater than Rs 10,000 of their e-wallets by way of credit card in a month.

A message saying “Nominal charge of 2 per cent is applicable on adding money using credit card. Nominal fee is applicable since we pay high charges to your bank/payment network when you add money using a credit card. Please use UPI or debit card to add money for free” is displayed when clients try to add cash to their Paytm pockets by way of a credit card.

Paytm can also be offering a proposal, whereby users will get 2 per cent cashback up to Rs 200 on including minimal Rs 50 using credit card, as per the message.

When contacted, a Paytm Payments Bank spokesperson mentioned clients have the pliability to add cash to their Paytm pockets from any of their most popular funding supply, together with UPI, web banking and cards.

“The banks and credit card companies charge a fee for loading money into the Paytm wallet from any of these sources. The 2 per cent charge is passed on to customers, who use credit cards for adding funds to their wallet. For all other sources, we will continue to absorb the cost of loading money,” the spokesperson mentioned.

The spokesperson additional mentioned the corporate has quickly waived the 5 per cent charge that’s levied on cash switch from pockets to financial institution accounts as a promotional provide for the festive season.

“The amount added in the wallet can be used to transfer money to another wallet or bank account, to make payments to online and offline merchants via QR codes, to process bill payments, do recharges and multiple other forms of transactions. All such transactions will also continue to be free of cost for our customers,” the spokesperson mentioned.

In 2017, Paytm had launched an identical payment on quantities added to pockets by way of credit cards, however had rolled again the choice after stress from users.

At that point, Paytm had mentioned the payment was geared toward curbing misuse of its platform to switch interest-free credit card funds to financial institution accounts of users at zero transaction value.

 

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