Paytm rolls back 2% fee for recharge via credit cards
Paytm rolls back 2% fee for recharge via credit cards

Paytm on Thursday rolled back the additional two per cent charge it had levied on its customers the day earlier, saying it would put in place new mechanisms to prevent misuse of credit cards. On Wednesday, the mobile wallet major had it announced it would charge its customers two percent if they added money to their mobile wallets using a credit card. 

The company said, “Keeping the millions of customers and merchants interest as an utmost priority, we have decided to suspend the 2 percent fees and will continue to build a series of features to curb such misuse.”

The e-wallet company had said: “Paytm pays a fee to card networks or banks whenever you use any payment instrument like any other online commerce company. Paytm pays a hefty charges when you use your credit card to card networks & issuing banks. If the user simply adds money and takes to the bank, we lose money.”

Paytm said the facility was misused as users were using credit cards to recharge it and then would transfer the money back to the bank, earning loyalty points and free credit in the process.

The 2% fee was only for topping up the e-wallet via credit cards, not applicable to shopping on Paytm or paying bills via credit cards.

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