Paytm has added a 2% fee on funds added to wallet using credit card (CANCELED!)

[mhsabir]

Well, most wallets restrict bank transfers once money is in wallet and/or charge a fee to transfer. Paytm does that too - they just waived during the demonization period.

 

[Sushubh]

PhonePe also has free transfers to bank. i wonder if one can transfer money from credit card to bank account using phonepe lol.

 

[mhsabir]

@Simpleguy - they already had/have that feature - they had a limitation that money could be returned only to source - which means they know the source, i.e credit card & easily mark it so. Even if not, should not be too hard to implement.

PhonePe has load from credit card? Do not remember seeing it.

 

[v1rus]

but when two parties are involved, they cannot refuse transfer to bank account for the funds that were added using credit card. though it could have been blocked for users and enabled for retailers after proper kyc. of course that takes away a large part of the whole charm where any shopkeeper can just install Paytm and start accepting money which he can then send to his bank account.

Merchants would still be able to exploit the system.

The only sensible thing, accoording to me, is to charge transfer to bank.

 

[igloo]

I don't think big merchant like Paytm pays more than 1%(highly discounted for bulk) charge to banks.

 

[pujaari]

I have always generated netsafe cards to top up Paytm..am confused now.
At times have used my debit card to generate netsafe card..how will paytm decipher

 

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[Sushubh]

virtual cards are treated as debit cards right? as they cannot be used internationally in any case? and they are generally prepaid? i wouldn't know. but you should now switch to recharging through upi. faster.

 

[pujaari]

I have used them everywhere..ordered stuff internationally as well..it doesnt matter what i enter em as on Paytm to top up..have used em as both credit and debit cards
To be safe i just generated a 1000 rupee netsafe card and topped up paytm for 980 and used the netsafe card as a debit card..will get to know afyer 24 hrs how much paytm billed me on that netsafe card

 

[Sushubh]

do you get otp for that? otp screen shows the final amount charged. for me it showed 510 instead of 500.

 

[pujaari]

Oh yaa upi is an option too thanks.bit off topic but can u brief me on that..is it as safe as netsafe..they have upi option on my hdfc app.nvr bothered activating it
Thanks