Paytm Charge 2 % Fee on Adding Money to Wallet Using Credit Cards

On Wednesday, Paytm to Charge 2 % Fee on Adding Money to Wallet users going forward. According to Paytm, this was being done to combat misuse of its zero-fee transfers, explaining that savy users were rotating their money through the wallet to earn essentially “free” money within the form of reward points. Paytm said that to ensure that genuine users do not lose money, it’ll return the 2 % charge in the form of coupons that can be used on Paytm.

Paytm Charge 2 % Fee

Paytm Charge 2 % Fee

As noted in the post announcing this decision, since November, Paytm has been allowing users to take cash out of the wallet to their bank accounts at no charge. Typically, cashing out has attracted a fee from wallets.

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At the same time, Paytm and other wallets haven’t charged 2% deposit fees for depositing money into their systems. This meant that credit card users may fill up their Paytm wallets using the card, then transfer that money back to their bank accounts, at no charge. “They weren’t only getting free loyalty points that effectively is free cash but also getting access to free credit,” Paytm noted.

Paytm Charge 2 % Fee

Paytm Charge 2 % Fee

This would subsidised by Paytm’s own costs, as the company pointed out.
For this reason, Paytm Charge 2 % Fee from credit card users, and refunding them the same within the form of a coupon that can used on the Paytm app.

Paytm to Charge 2 % Fee on Adding Money to Wallet

As we mentioned, on Twitter, Sharma processed that the coupons will work on third-party sites as well, and added that you able to use these with apps like Swiggy, Uber, although the FAQ on the page presently still states that it can only used on the Paytm app.

Paytm Charge 2 % Fee

Paytm Charge 2 % Fee

These refund coupons only given once the amount you are filling up is more than Rs. 250. If your transaction is lower than that, you may not get a coupon. Also, you get a fresh coupon every time you top-up Paytm using a credit card. These coupons can’t clubbed, and got to applied manually and severally.

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Also, these coupons will solely employed in one dealings. Also, the coupon is not applied as a discount on the transaction. It gives you an instant cashback to your Paytm wallet.

The coupons may used for bill payments, recharges, and so on. These aren’t limited to shopping on Paytm Mall. The vouchers expire on december 31, 2017. However the FAQ mentions that this will extended on request.

Paytm Charge 2 % Fee

Paytm Charge 2 % Fee

These charges only applied on credit card users. Therefore, if you’re using a debit card, net banking, or UPI/ IMPS payments, then you are not affected by this move.

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