UPDATE (March 9, 2017): Paytm has suspended 2% charge on credit cards for adding money to wallet keeping users’ convenience in mind. The decision was merely two days after introducing the levy. The company will soon introduce new features to prevent credit card misuse in add money.
The post below is no longer applicable
will now levy a 2% fee on Adding Money to Paytm Wallet using credit cards from March 8, 2017. No charges will be applicable on money transferred using debit cards or net banking. Though, this 2% fee charge on credit card would be reversed in the form of a discount coupon (or gift voucher) for same amount charged to you as fee in an email & SMS within 24 hours of adding money. This gift voucher will expire on 31st December 2017. For some reasons, if you fail to use the voucher, you can write to paytm.com/care to get it extended.
Let me explain you – if you added 1000 to your Paytm Wallet using credit card, you would have been charged 2% = 20 as credit card fee. You will then get a gift voucher worth 20 in your email/SMS.
You can use this gift voucher only on Paytm App and can enjoy a range of services viz. recharges, bill payments, movie tickets, shopping, bus tickets, Air tickets, etc. But, you can’t use this voucher on Add money transaction.
According to official Paytm blog, there will be No Fee when you shop on Paytm or pay for any utilities using your Credit Card or any other payment option. This 2% fee (inclusive of taxes) is applicable only on Adding money to wallet by using credit card.
There will be no charge if you use your credit card to pay your bills, do recharges or make any purchase on Paytm directly. There is no credit card fee on transactions done using Paytm in their partner apps like Uber, Zomato, Big Basket, Swiggy and all other Apps that use Paytm Wallet.
Other Few Changes
As you all know, there are many multiple payment options viz. Credit Card, Debit Card & Net Banking at Paytm through which you can buy any product or pay for any utilities/services. Now, you’ve two new payment options — UPI & IMPS, as per latest update of Paytm. All these payment options are also available when you add money to your wallet.
Why Paytm Levying 2% Fee on Adding Money to Paytm Wallet via Credit Cards
Paytm has stated that Paytm pays hefty charges when you use your credit card at card networks and issuing banks. If a user simply adds money and takes it to the bank, we lose money. The 2% fee will be applicable with effect from March 8, adding that the platform will make money only if the wallet balance is used to pay for services and products on the Paytm ecosystem.
Till Date Your Paytm Wallet
The Paytm Wallet is one of the simple and securest way to do cashless transaction. Excerpts of your Paytm Wallet –
- Paytm Payments Bank Wallet: Your Paytm Wallet will soon become Paytm Payments Bank. It will bring additional benefits such as a bank account, cheque book and a debit card and you will also earn interest on the money available in your account. To read more, please click Paytm Public Notice Related To Paytm Payments Bank.
- Updated Paytm Wallet: New features in the latest Paytm app update for fast and more secure cashless transactions – Finger print scanner, “Add Money” is now in single-screen, self-declared Paytm merchants can now accept up to 50,000, etc. To read more, please click Latest Updated Paytm For Secure Cashless Transactions.
- 0% Fee: The fee to transfer money to your bank account will continue to be 0% for all customers and merchants.
Check this to know in depth about how to use Paytm Wallet.