Paytm charging 4% for transferring funds from Wallet to Bank

[Sushubh]

the option appears on my app. since there are zero charges, i can test doing a 100 rupee topup i guess?

sigh. not sure how this is supposed to work.

so the other party needs Paytm to pay using credit/debit card?

 

[Sushubh]

hmm. i thought so. this is better than asking a customer to enter his card details on your phone. but then... people would still be worried about entering their card details on a random url that they got on sms. even though it is clearly on Paytm website.

i assume this could work to add funds to your wallet that can then be deposited in your account as they should appear as payment not topup. can't confirm tho

 

[mhsabir]

Ok. So I decided to check the app for what @hitech0101 said. In the app, even though the page itself in passbook says you can transfer to source. I added 100 rupees via card & transferred that plus some change that was left to bank :O - I mean I should get credit only tomorrow, but still.. the point remains that I was able to.

 

[Sushubh]

so you did not have money from any other source in account?

i mean a user can say that i had money accepted from other parties last month and that's the money i am trying to send to bank not the money i added using card this month or something like that.

how can Paytm justify source of money once money from multiple sources have arrived in the wallet!

 

[mhsabir]

It was all used up. Paytm is no longer my go to wallet. Freecharge/Mobikwik/Payzapp/Tapzo are used more.

I had less than 10 bucks left. Added 100 via credit card. Cleared full balance back to bank account.

 

[Sushubh]

I love the mobikwik lite app. so simple and fast. too bad no one in my locality seems to be supporting it right now so adding funds to it is useless for me. but it is nice to see a company going back to basics.

 

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[mhsabir]

Nopes. This was the 1st transaction I did using Paytm this month. November 12 was when I last added money & it was not a lot, and over time it was down to single digit. Yesterday I reverted 10 rupees which went back to card via the portal transfer to bank link. Today I tried using app & the story was different.

 

[Sushubh]

sounds good.

 

[mhsabir]

Wow. I did not realize Paytm is doing IMPS (I thought NEFT) . I just got the credit in my bank account

 

[Sushubh]

well people expect instant results. though based on comments on their social media posts, a lot of people find their money lost in transaction or delayed in transaction. the one time i tested transfer to bank for the paan wala dude in my local market, it was also instant. though 1% charge was applicable at that time.

waiting for Paytm to add upi support. that should allow them to keep this for free in future as well. but then they are already pushing for transfer to payment bank accounts instead.