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Thursday, October 22, 2020

Paytm Users Will Now Have to Pay 2% Fee on Topping up Paytm Wallet via Credit Card

Paytm has now started charging a 2 percent fee on any amount of money that gets added to the Paytm wallet via a credit card. Until now, this fee was applicable on amount tuning to Rs. 10,000 or more on the digital payment platform. Although an official statement from the company over the update is yet to arrive, the new changes were spotted by the online media outlet The Mobile Indian. Speaking to the publication, Paytm stated that the nominal fee is introduced to compensate for the high charges paid by the platform to the bank on transactions with credit cards.

The report added that the move is also aimed at plugging the loopholes that some users took advantage of by borrowing sums by an “indirect and longer method” to benefit from the 40-day interest-free period most credit cards offer. At the moment, there’s no fee applied on adding money to the Paytm wallet with either debit cards or UPI. Interestingly, Paytm is also providing an offer where the user can get up to Rs. 200 cashback on adding a minimum amount of Rs. 50 using a credit card. Paytm competitors – PhonePe and MobiKwik Wallet do not have a fee on any payment method while topping up the respective e-wallets.

Earlier this month, Paytm launched its own mini app store which can be accessed directly via the Paytm app. The company aims to support one million apps on the mini app store as part of its efforts to aid Indian developers and compete against tech giant Google. Over 300 apps including Decathlon, Ola, Rapido, Netmeds, 1MG, Domino’s Pizza, FreshMenu, NoBroker, and others have joined the mini app store since its launch.

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