In a move to curb illegal use of Paytm Wallet to transfer money from credit card to bank accounts, Paytm announced that it is going to levy two percent fee for adding money to the wallet using a credit card. Consequently, it received a wide-spread backlash from the masses. Eyeing on the opportunity, Paytm's rival, Mobikwik , offered two percent additional cashback for adding money to the wallet using a credit card or debit card.
Read: You can now add money to your Paytm Wallet using UPI
However, Paytm took a u-turn and revoked the charges, which is effective starting from today. "We are suspending 2% charge on credit cards foradding money to wallet keeping users’ convenience in mind. With an intent to prevent the misuse of transfer to bank facility at 0%, we had applied a refundable fee of 2% on add-money through credit cards. 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,” said Paytm in a blog post.
The decision to repeal its initial announcement is not surprising, especially after receiving flak from its users. Nevertheless, it will resort to technology to restrain any misuse of the wallet.
Also Read: Check out the top 5 Mobile Wallet services in India
Read: You can now add money to your Paytm Wallet using UPI
However, Paytm took a u-turn and revoked the charges, which is effective starting from today. "We are suspending 2% charge on credit cards for
The decision to repeal its initial announcement is not surprising, especially after receiving flak from its users. Nevertheless, it will resort to technology to restrain any misuse of the wallet.
Also Read: Check out the top 5 Mobile Wallet services in India
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