Paytm users alert! Now, you will be charged for adding money through credit cards

Paytm users will have to pay extra for adding money to the wallet through their credit cards, company's website states.

The new charges have been updated on the Paytm website and are applicable on all transactions done on or after January 1, 2020. Source - Reuters.

Paytm users will have to pay extra for adding money to the wallet through their credit cards, company's website states. According to the information available on the official website on Paytm, the customers will have to pay 1.75 per cent + GST for credit card transactions exceeding Rs 10,000 per month limit. Notably, the customers will not have to pay anything extra if the transaction value or amount is less than Rs 10,000.

The new charges have been updated on the Paytm website and are applicable on all transactions done on or after January 1, 2020. However, the company has not released any statement confirming the same. In case you wish not to pay this extra amount, you should add money to the Paytm Wallet through debit cards, UPI, netbanking and other wallets. Paytm confirmed this through a tweet to one of its customers.

“To add money to your wallet without any charge, we recommend you to use other payment options such as UPI or Debit Card," the tweet said. In July 2019, Paytm had claimed in a blog post that it will not charge ‘convenience fee’ or ‘transaction fee’ on Paytm app on any mode of payment including cards, UPI, netbanking and wallets.

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Founded in 2010 by Vijay Shekhar Sharma, Paytm has close to 130 mn monthly active users.

The platform is facing tough competition as several foreign brands are trying to have a bigger share in the Indian market. These include Flipkart-owned PhonePe, Sequoia-backed BharatPe, and Google Pay. Facebook-owned WhatsApp is also trying to bring its own Payments solution to India. WhatsApp Payments should have arrived in India, had it not hit a roadblock with the local authorities.

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