Paytm users must pay a 2% fee on the amount added to their e-wallet with a credit card.
Previously, users had to pay a 2% fee if they added more than £ 10,000 to their wallet with a credit card in a month.
A message that says “There is a 2 percent nominal charge when adding money by credit card. There is a small charge as we pay high fees to your bank / payment network. If you add money by credit card, use UPI or card debit to add free money, displayed when customers try to add money to their Paytm wallet with a credit card.
Paytm also has an offer where users get a 2% refund up to Rs. 200 by adding at least £ 50 with a credit card, according to the Post.
When contacted, a spokesperson for Paytm Payments Bank said that customers have the option of raising funds from any of their favorite funding sources, including UPI, Net Banking and Cards.
“Banks and credit card companies charge a fee to load money into the Paytm wallet from any of these sources. The 2% fee is passed on to customers using credit cards. For all other sources, we will continue to cover the cost of loading the money, “the spokesperson said.
The spokesperson said the company temporarily removed the 5% fee charged for transferring money from wallets to bank accounts as a promotional offer for the Christmas season.
The amount added to the wallet can be used to transfer funds to another wallet or bank account, make payments via QR codes to online and offline merchants, process bill payments, reloads, and much more. other forms of transactions. All these transactions will continue to be free for our clients, ”said the spokesperson.
In 2017, Paytm introduced a similar fee for funds deposited in the wallet using credit cards, but reversed the decision under pressure from users.
At the time, Paytm said the fees are meant to curb abuse of its platform to transfer money from interest-free credit cards to users’ bank accounts with no transaction costs.