Paytm To Levy 2% Fee For Adding Money By Credit Card
Paytm has announced that it’ll currently charge users a two fee for adding cash to Paytm wallet use their credit card. This the company claims is to avoid misuse by users whose benefit of the zero fee transfers to bank.
Paytm had declared in Nov that it’s creating transfers to bank from Paytm free at 0.33 fee. in step with the company, some users started taking advantage of this method.
Paytm has said on its blog that some users started adding cash to their Paytm wallet use Credit Cards and so sent the quantity to their bank account while not paying any value. By doing this, the company claims that users weren’t solely obtaining free credit, however conjointly free loyalty points that may be later redeemed by users.
About Paytm To Levy 2% Fee
Paytm has conjointly highlighted that the corporate has got to pay a fee to card networks & banks whenever a user uses a Debit or credit card to shop for something or add cash to their Paytm wallet. the corporate claims that Paytm will earn cash provided that is spent on Paytm as they create money from the margins that they need on the merchandise and services that they provide.
In a relief to credit card users, Paytm has said that it’ll not charge any further fee once users look or procure any utility on Paytm. The same fee would be charged just for adding cash directly to the paytm wallet. What’s higher is that Paytm can refund the two fee charged within the kind of a gift voucher for a similar quantity.
The user can get this gift voucher withing 24 Hours of adding cash on their Paytm wallet. To qualify for this gift voucher, the user can got to add a minimum of Rs. 250. The gift voucher comes with restricted validity and might be used for numerous services as well as recharges, bill payments, movie tickets, shopping, bus tickets, air tickets & all different services on Paytm.
The user can receive this voucher within the variety of a code and this may expire on thirty one Dec 2017 however it is extended by causing a mail to Paytm.
Users adding cash using debit card, UPI, IMPS and net Banking can still be able to add cash while not incurring any further fee.