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Paytm To Charge Users A 2 Pct Fee For Adding Money With Credit Cards

Paytm users will face new 2 percent fees for using the credit card attached to their eWallets, a report from Business Today says.

Before now, users had to pay the 2 percent fee only if they loaded over Rs 10,000 on their eWallets from a credit card every month.

When customers try to add money to their cards, a message is displayed saying: “Nominal charge of 2 per cent is applicable on adding money using credit card. Nominal fee is applicable since we pay high charges to your bank/payment network when you add money using a credit card. Please use UPI or debit card to add money for free.”

In addition, the company has a new offer where users can access 2 percent cash back on Rs 200 or less through adding Rs 50 or less on credit cards. A Paytm spokesperson contacted by Business Today said users have flexibility to add money to their accounts from any preferred funding sources. That could include UPI, net banking or cards.

In addition, the spokesperson said the company had waived the 5 percent fee on money transferred from a wallet to a bank account as a promotional offer for the upcoming holiday season, Business Today writes.

Paytm President Madhur Deora told Karen Webster recently that India is seeing a mass shift away from using cash to pay for things. This comes after a long history of using cash, even “dirty” cash, and even for payments on online orders once they were delivered. The pandemic, as it did elsewhere in the world, had a hand in the shift. Paytm, he said, was seeing about 15 times more traffic now than it had around the time of demonetization.

He said that while the current situation has been good to the company, there was a need for a whole new ecosystem of payments, where consumers could manage various aspects of their lives without switching from app to app, which Paytm envisions making in the future.

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