The Most trusted wallet player Paytm will now charge a 2% processing fee for adding money to Paytm wallet using credit cards. This is a result of multiple users using Paytm to get free credit by using credit cards to top up their digital wallets and transferring the money back to their bank accounts at zero transaction cost.
However, paytm also take a 4% cut when you transfer the wallet amount in your Account. Earlier the charge for transferring the amount to bank was 2%.
The digital payment wallet will, however, provide an equivalent amount of CashBack for using credit card to add money to the wallet. The cost of adding money to the wallet through other modes such as net-banking and debit cards remains non-chargeable.
In November, Paytm had introduced 0% platform fee targeted at small merchants to accept payments to their wallet during the move to demonetise high value currency notes.
What are the impacts of this action made by PayTm comes out depends upon the people using PayTm.