PayTM on Wednesday had made an announcement that it’ll be charging a 2 percent deposit fee, on a transaction done on PayTM with a credit card. Many avid PayTM users were disappointed because of this, due to which on Thursday, the deposit fee was rolled back. Paytm rolls back its possible mistake.
Now if you’re wondering why PayTM had to charge users an additional fee in the first place, here’s the answer. Post demonetisation in India, we’ve seen a tremendous boom in the use of plastic currency as well as e-wallets such as PayTM, Freecharge among others.
Users also had the option to transfer money from PayTM to their bank accounts. Now, it did offer immense convenience to citizens across the country, however, many credit card owners ended up misusing the process. People would use their credit card to make a transaction, add money to their PayTM wallet, and then later, transferring that amount to their bank accounts. PayTM said, “They were not only getting free loyalty points which effectively is free cash but also getting access to free credit.”
In order to tackle this, PayTM started adding a 2 percent charge on transactions initiated through a credit card. However, there were also a few genuine users who would use credit cards for PayTM, and this additional fee was definitely a bummer for them.
PayTM said, “At the same time, we are conscious that this move caused inconvenience to a large segment of our users, including those who are using their credit card for genuine transactions.”
It added, “Keeping the millions of customers and merchants interest as utmost priority, we have decided to suspend the 2 percent fees and will continue to build a series of features to curb such misuse.”
PayTM hasn’t yet revealed its plans to prevent this misuse as of now.
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