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Paytm will charge Credit Card users 2 percent fee on adding money to wallet
Paytm is announcing changes in Paytm Wallet.
Paytm, the digital payments company has announced in a post that it is bringing some new changes to its platform. Consequently, Paytm will now be charging a 2 percent deposit fee from credit card users who will use their cards to add money into their wallets.
Paytm says that while it wants to deliver a good experience to the users, this move was unavoidable. The company clearly states that the change was brought about to combat misuse of its zero-fee transfers. The company goes on to explain that several "savvy users" were rotating their cash through the wallet to the bank using the credit card to essentially earn "free" money in the form of reward points. "They were not only getting free loyalty points which effectively is free cash but also getting access to free credit," Paytm noted. So basically, in order to curb this action, Paytm had to take such measures and the company says it wants to ensure that genuine users don't lose money.
Paytm further writes, "We understand many of us use credit cards for consolidating all our monthly payments and using it to get a credit period for buying a product/service but this disturbing trend of using credit cards to rotate cash affects our ability to serve our valuable customers."
However, there will be no fee charged when you shop on Paytm or pay for any utilities using your Credit Card or any other payment option. Adding money using any other payment option also remains free.
Adding to that, the company has stated that it will return the 2 percent charge in the form of coupons that can be used on Paytm. According to NDTV, the coupons can also be used on third-party sites to pay Swiggy or Uber. Moreover, the report from the publication indicates that these refund coupons will only be given when the amount added is more than Rs. 250.
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If you add the required amount using a credit card then you will get a new coupon every time. Nonetheless, these coupons have to be applied manually and individually. Also, it can only be used in a single transaction. Additionally, you can use these coupons for bill payments, recharges, and so on. The vouchers are said to expire on December 31, 2017, but the Paytm's FAQ section states that this can be extended if you request for it.
And speaking of which, if you're using a debit card, net banking, or UPI/ IMPS payments, then you will not be affected.