Paytm starts charging 2% fee for using credit cards to top up wallet
Paytm, one of the popular online payment platforms in India has announced that the company will now be charging 2 percent fees when the amount is added to the wallet using a credit card.
Earlier, the company was charging a 2 percent fee only if the user added more than Rs 10,000 into their wallet using a credit card in a month. Now, with the changed policy, the company will charge 2 percent fees regardless of the amount, if the amount is added using a credit card.
Now, whenever a user tries to add money into their Paytm wallet using a credit card, the company is showing a message encouraging users to add money through UPI or a debit card to avoid paying charges.
Currently, the company is offering 2 percent cashback up to Rs 200 on adding money using a credit card. Paytm has also temporarily waived the 5 percent charge that is levied on money transfer from wallet to bank accounts as a promotional offer for the festive season.
A few years ago, in 2017, Paytm had added a similar fee on amounts added to the wallet using credit cards but then rolled backed the decision after facing heat from the users. At the time, the company had said that the move was aimed at curbing misuse of its platform to transfer interest-free credit card funds to bank accounts.