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Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

In the current landscape of increasing disposable income and a surge in point-of-sale transactions on e-commerce platforms, the usage of credit cards has experienced a notable upswing. A glance at the Reserve Bank of India’s data reveals a consistent rise in credit card spending that has been reaching new highs each month. Leveraging these insights into customer behaviour trends, <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> has identified opportunities and strategically introduced suitable credit products. Among these innovations, the Paytm co-branded credit cards stand out – offering customers lucrative discounts on various categories, including travel and movie tickets. Currently, Paytm has forged valuable partnerships with HDFC Bank and SBI Card, two of India’s leading credit card issuers. These collaborations not only generate substantial upfront distribution revenue but also establish a steady lifetime usage fee stream. Users can access these exclusive cards by applying on <a href="https://paytm.com/loans-credit-cards/credit-cards/">the Paytm app</a>. Paytm’s co-branded credit card business has grown significantly both in terms of new card issuances as well as spends. As of June 2023, Paytm boasts of an impressive count of 7.5 lakh activated credit cards, marking an increase of 1.6 lakh cards in the quarter. This trend is expected to grow, fuelled by the robust potential of cross-selling among Paytm’s extensive user base, many of whom have already taken loans through their platform. During the earnings call for Q1FY24, Paytm’s Founder and CEO Vijay Shekhar Sharma, underscored the instrumental role played by banks and NBFCs in ensuring easy credit availability for customers. He also believes there is a huge portion of customers still pending to come on board. “You can see the growth in the credit card spends, you can see the growth on BNPL equivalent, whether it is a large ticket or a small ticket on the counter is the growth direction. While the debit side has plateaued is not what I would say. There is a large customer base still pending to come on board. But definitely, credit is adding the flare of extra revenue and it will add to the net bps margin continuously,” said Sharma. Moreover, Sharma envisions a future where credit may become a choice of payment for many. “India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments,” he had said during the launch of Paytm SBI Credit Card. Notably, the credit card industry in India remains largely under-penetrated, offering huge opportunities for market penetration and expansion. The landscape is open for astute players like Paytm who are poised to redefine and elevate the credit card experience for the Indian consumer. Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organisation and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Paytm’s growing leadership in credit ecosystem – co-branded credit cards at 7.5 lakh

In the realm of mobile payments, UPI stands out as the go-to solution. As the popularity of UPI transactions continues to rise, there has been a lot of innovation in this mode of payments. And at the forefront of driving this innovation is <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank, revolutionising credit card transactions in India with ground-breaking solutions. Paytm Bank has now taken a leap forward by introducing the seamless integration of RuPay credit cards with UPI for everyday payments, solidifying its position as the ultimate platform for digitally enabled credit card experience. Through this collaboration between Paytm Payments Bank and the National Payments Corporation of India, this innovative integration empowers users to leverage the benefits of credit cards with every UPI payment, By linking a <keyword id="3249074" type="General" weightage="20" keywordseo="rupay-credit-card" source="Orion">RuPay credit card</keyword> to Paytm UPI, users can effortlessly pay merchants by scanning the UPI-enabled QR code via the <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword>. This eliminates the need to carry cards at all times, streamlining both offline and online payments. As a result, transactions become faster and more efficient. With the UPI ecosystem recording 890 crore transactions worth ₹14.07 lakh crore in April 2023, the potential for RuPay credit cards on UPI is immense. <cmsannotation type="cmsannotation" annotationid="How to make UPI payments with RuPay Credit Card on Paytm" comment="subhead" text="How to make UPI payments with RuPay Credit Card on Paytm">How to make <keyword id="3679109" type="General" weightage="20" keywordseo="upi-payments" source="Orion">UPI payments</keyword> with RuPay Credit Card on Paytm</cmsannotation> <ul><li>Go to ‘UPI and Payment Settings’ option Paytm App</li><li>Tap on the ‘Link Rupay Credit Card on Paytm UPI’ option</li><li>Select your RuPay credit card from the list of authorized cards provided</li><li>Set a UPI PIN for your RuPay credit card</li><li>Pay any merchant who accepts UPI payments from Rupay Credit Card by scanning their QR code</li></ul><cmsannotation type="cmsannotation" annotationid="India’s leading credit card issuers embrace Rupay Credit Card on UPI" comment="subhead" text="India’s leading credit card issuers embrace Rupay Credit Card on UPI">India’s leading credit card issuers embrace Rupay Credit Card on UPI</cmsannotation> Major credit card issuers in India, including Canara Bank, HDFC Bank, Indian Bank, Punjab National Bank and Union Bank of India, have tirelessly worked to offer RuPay credit cards to the growing user base of 26 crore UPI users. This integration opens up new opportunities for customers across different age groups and backgrounds to use their credit cards, leading to increased card activations and engagement. By linking credit cards with UPI, the advantages for customers and card issuers alike are significant. For customers, using credit cards at any merchant accepting UPI payments is now possible, without draining their bank balance. Additionally, there is no need to carry the card, reducing the chances of fraud and loss. Meanwhile, card issuers will see incremental spends from smaller merchants who previously did not have the infrastructure to accept card payments. This integration helps activate and engage a wider customer base. RuPay credit cards are issued by various banks in India and offer various benefits such as cashback, discounts, rewards and more. By linking their RuPay credit cards to UPI on the Paytm app, customers can make payments to any merchant who accepts UPI payments from RuPay credit cards by scanning their QR code. With the introduction of RuPay Credit Card on UPI, Paytm has taken a significant step towards bridging the digital divide and revolutionizing the digital payments landscape. The company recently launched the Paytm SBI Card on the RuPay network that will also enable users to make UPI payments through it soon. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

With Rupay Credit Card on UPI, mobile payments pioneer Paytm deepens its leadership in UPI

Digital payments have grown at meteoric speed in the last few years. This has led to digitisation of businesses with even the small and medium merchants adopting technology to keep up with the changing times. As India’s leading payments and financial services company, <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has been instrumental in transforming in-store payments with its innovations that equip merchants to successfully meet the challenges of rising consumer demands. With Paytm All-in-One <keyword id="8355582" type="General" weightage="20" keywordseo="card-machine" source="Orion">Card Machine</keyword>, millions of merchants have been able to revamp in-store payments acceptance through a simple and easy-to-use device. Powered by the latest technology, <keyword id="7630525" type="General" weightage="20" keywordseo="paytm-card" source="Orion">Paytm Card</keyword> Machine comes with many features and industry-first upgrades that solve all needs for merchants. Paytm All-in-One Card Machine powerful device is the answer to all merchants problems. The company has tie-ups with all major banks and brands across the country that enables merchants to reach out to a larger customer base with the Paytm Card Machine. Here are its top five advantages. 1. Accepts all payment methods: Paytm All-in-One Card Machine has democratised mobile payments for merchants, empowering them with a one-stop solution to accept a wide range of payment modes. Now consumers can pay through any payment mode of their choice – Paytm UPI, UPI Lite, Paytm Wallet, Paytm Postpaid, net banking, debit and credit cards. Paytm Card Machine is also driving affordability for consumers with easy EMIs at no cost for big ticket purchases through bank partnerships. 2. Integrated billing: With Paytm Card Machines, merchants can not only accept payments through multiple payment modes but it is also a dynamic assistant. It comes with an in-built scanner that allows the merchants to scan the barcodes on the products that give them all the details of the product name, quantity and price that automatically reflects in the bill. The device also prints GST-compliant bills further driving convenience for merchants. 3. Single window reconciliation: Paytm All-in-One Card Machine brings a single platform to reconcile payments from different payment modes. With Paytm for Business app, merchants can manage all the transactions and also give them the benefit of instant one-day settlements. 4. Customised solutions: Based on industry-specific concerns, Paytm Card Machine brings customised solutions for businesses. It provides tailor-made offers for various industries including hotels and restaurants, retail and ticketing among others. The merchants can also get specific loyalty and reward programmes that they can offer their customers. 5. Store management: With Paytm Card Machine, merchants can handle their stores through features to manage inventory, suppliers and also take care of CRM for the business. This provides seamless management of the stores without the need for multiple software solutions. Paytm All-in-One Card Machine is an all-inclusive device through which the fintech giant is driving affordability for both merchants and consumers. With Paytm Card Machine, the company has brought the ease of both mobile as well as card payments through a single device and its integrated billing software. With this cost-effective solution the company is also promoting environmental consciousness, ensuring sustainable business practices for businesses. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm Card Machine is transforming in-store payments for India’s merchants — here are its top five advantages

<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has been witnessing a sustained growth in revenues, which reached ₹2,062 crores in the Dec-23 quarter, representing a 2.5x growth from ₹815 crores in Mar-21. The company’s strong growth momentum continued during the third quarter of FY23 due to an increase in merchant subscription revenues, growth in loan distribution, and momentum in the commerce business. In a letter to shareholders, Paytm’s Founder &amp; CEO, Vijay Shekhar Sharma said Paytm achieved the milestone of EBITDA before ESOP cost profitability in Q3 without losing sight of growth opportunities and keeping all compliances as well as risk factors under strict watch. “I believe the opportunity in our country for newer payment and credit disbursement solutions is huge, which gives us quality revenue and attractive profit pools to address,” Sharma wrote. Paytm outlined the various growth drivers for our businesses in the earnings presentation. India is witnessing a revolution in the field of digital payments but Paytm believes these are still in the early days with massive growth potential. Growth in Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>), cards, and EMI-led payments is yet to reach the masses. The National Payments Corporation of India (NPCI) has been innovating with UPI to increase the adoption of digital payments. Superior user experience, interoperability and security have made Paytm UPI the most preferred payment option for Indians. Paytm has launched UPI LITE which allows instant, multiple small-value UPI payments having a value of less than or equal to ₹200. UPI LITE will further enhance user experience and unclutter their bank statements. Paytm has introduced RuPay Credit Card on UPI, enhancing the payment experience for both consumers and merchants. Customers will benefit from the ease and the increased opportunity to use their credit cards and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes. In the near term, Paytm believes that India could have the potential of 10 crore merchant entities and more than 50 crore payment customers. Subscriptions for payment and other services will be a large market. On the lending side, Paytm feels there is a long way to go, and is working on integrating with large NBFCs and banks to leverage the full potential of small digital credit on the Paytm platform. In Q3 FY23, the value of loans disbursed by Paytm’s financial institution partners through Paytm’s platform grew to ₹9,958 crores, a growth of 357% YoY and 36% QoQ. Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organization and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on insiderstudios@businessinsider.in

From UPI innovations to digital credit potential – these are the growth drivers in Paytm’s business

<ul><li>Cashback offers by paying through <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> apps have reduced considerably and are often for specific periods or linked to specific merchants. </li><li><keyword id="1321742" type="General" weightage="20" keywordseo="linking" source="Orion">Linking</keyword> <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> to UPI opens up the possibility of earning <keyword id="45593" type="General" weightage="20" keywordseo="rewards" source="Orion">rewards</keyword> on transactions. </li><li>Whether for everyday purchases or significant transactions, users can accumulate reward points and earn <keyword id="2561477" type="General" weightage="20" keywordseo="cashbacks" source="Orion">cashbacks</keyword>. </li></ul>When UPI or United Payment Interface was in its earlier days, companies would give huge cashbacks to win over customers. People would get cashback of even a few hundred rupees to make payments on Google Pay. Other players like Paytm also had similar cashback offers. However, that is not the case now. The amount of cashbacks have reduced significantly, as expected. But since we spend a lot through UPI, is there still some way to get cashbacks on UPI spends? Many banks and payment service providers (PSP) apps offer cashback incentives to encourage UPI transactions through their app. “Firstly, frequent usage of UPI for payments, including bills, online shopping, and peer-to-peer transfers, often unlocks cashback rewards. Additionally, some platforms provide special promotions or discounts when using UPI during specific periods or for specific merchants,” says Sachin Castelino, chief strategy and transformation officer, In-Solutions Global, a fintech services company. For example, Paytm and Amazon Pay launched such offers during summer for a specific period but the amount of cashback was limited to small amounts or only once per customer. Account holders of the newly launched "DCB Happy Savings Account" can enjoy cashback rewards on qualifying domestic UPI debit transactions, with potential incentives up to ₹7,500 annually. Referral programs are another avenue; referring friends to use UPI can result in cashback benefits for both the referrer and the new user. Lastly, some financial institutions collaborate with merchants to offer exclusive UPI cashback deals. However, such offers are few and far between. Link your credit card to UPI to avail cashback However, there is a way you can pay through UPI and earn cashback and rewards. You can apply for a RuPay credit card through one of its partner banks, and then link it to a payment app like Google Pay or Paytm. Currently Mastercard and Visa credit cards cannot be linked to UPI. “Linking credit cards to UPI opens up the possibility of earning rewards on transactions, compared to debit cards/savings accounts as the latter typically lacks rewards programmes,” says Mohit Bedi, Co-founder, Kiwi, a fintech startup. “The linking not only streamlines payments but also encourages users to prefer credit cards for UPI transactions, establishing a mutually beneficial relationship between consumers and financial institutions,” says Castelino. Whether for everyday purchases or significant transactions, users can accumulate reward points and earn cashbacks according to their credit card reward programs, elevating the overall payment experience. This way you can earn cashbacks and rewards each time you make a UPI payment. However, remember that linking your credit card to UPI comes with the risk of overspending through impulsive purchases, as you would need to pay your credit card bill on time to avoid any late penalties and high interest charges.

Falling cashback on UPI payments – Credit card linking opens a door

<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> is a pioneer of QR-based and mobile payments and the <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword> has become a one-stop-shop for all kinds of <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">payments</a> online over the years. The platform allows users to shop online, make payments using UPI, book tickets, recharge mobile phones and much more. The platform that began India’s fintech revolution is more than just a general payments app today, and one of its most useful functions is in managing and paying <keyword id="133020" type="General" weightage="20" keywordseo="credit-card-bills" source="Orion">credit card bills</keyword>. Paying credit card bills on Paytm is simple, easy and functional. It can remind you when it’s time to pay, and can be used to pay multiple bills at the same time. Here are some reasons you should use the Paytm application to pay <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">credit card bills</a>. <ul><li>The Paytm app makes credit card payments easy by allowing users to add multiple cards to the app and remember them.</li><li>By adding multiple cards, the app also allows users to pay for all the credit cards at the same time. The Paytm app allows you to pay your credit card bill for all banks across Visa, Mastercard, Rupay, American Express, and Diner card portfolios.</li><li>The app also provides rewards, cashback, and flexible payment methods for users to pay credit card bills.</li><li>While bank applications usually use NEFT or IMPS methods for bill payment, the Paytm app throws UPI into the mix.</li><li>The Paytm app also allows the user to set reminders for bill payments, so they don’t miss the due date.</li></ul>How to make payments using Paytm app If you don’t have a <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">Paytm </a>account, you need to download the app on your iOS or Android smartphone and create one. Once that is done, you can go to the ‘recharge &amp; bill payment’ section on the Paytm app and select the ‘<keyword id="1069333" type="General" weightage="20" keywordseo="credit-card-payment" source="Orion">credit card payment</keyword>’ option. The app will ask you to enter the credit card number when you make a payment the first time, but it can remember the card after that. With the Reserve Bank of India’s (RBI) new guidelines in place, the cards will be saved with Visa, Mastercard, or another card issuer, and Paytm won’t actually store the details on its own servers. Once the card number is entered, the user will need to click ‘proceed’, to allow the app to automatically detect the bill amount by contacting your bank. The next step is simply to select one of the payment modes — UPI, net banking, debit card, etc — and make the payment. A decade ago, people had to go to an ATM and drop a cheque to pay their credit card bills, but the Internet made that simpler. And now, apps like Paytm are making this process easier by bringing different cards and different payment methods to the same medium. Add features like late fee protection and reminders on top, and you have perhaps the best way to make credit card payments. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm makes it easier to pay credit card bills – here are five reasons why you should be using it

<ul><li>RBI tightens capital norms for lenders disbursing unsecured loans like <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword>, credit card receivables.</li><li>Experts say that the central bank aims to stem unsecured loan growth which has been growing at 26% for the last five years.</li><li>The move might also have a spillover effect on fintechs who aggressively push <keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword> schemes.</li></ul>The Reserve Bank of India tightened capital norms for lenders disbursing unsecured loans to unsuspecting borrowers on Thursday evening and there is a rationale behind this move. Given the slowdown in corporate loans, banks have been chasing retail customers for loans. Such has been the rush to offer loans that top-ups are being offered even on auto loans which is just a camouflaged unsecured credit. For example, Suresh Chandra (name changed) had a ₹15 lakh car loan that had to be paid off in 12 months. Before he could repay his existing auto loan, he was being inundated by banks and NBFCs luring him into taking more loans. A large private bank offered him a top-up loan that’s akin to the value of his car, and another wanted to offer a loan that was 150% of the part of the loan that had already been paid off. “Sometimes I get tempted to take up on these offers. Also because technically auto loan interest is lower and they’re offering the top-ups at the same rate. If I need money, I will surely take this up instead of a new personal loan,” Chandra told Business Insider India. Giving a top-up loan is a good way for banks and NBFCs to push across new loans to borrowers. A top-up loan is an additional credit that’s given over and above an existing loan and when opting for a balance transfer. It doesn’t come with end-use restrictions and requires minimum documentation. Now, India’s central bank has cracked down on lenders to stall this aggressive loan push to consumers on Thursday by tightening capital norms. Not only has it classified top-up loans as unsecured loans, it also increased risk weight on unsecured loans like personal loans, credit card receivables, consumer credit and more such. It will make it tougher for them to give out loans as easily and freely to consumers. RBI puts up a ‘STOP’ sign Banks and NBFCs have been giving out too many unsecured loans. Unsecured retail loans have been growing at a 26% compounded annual growth rate (CAGR) between FY18 to FY23, as per Nomura. In FY18, unsecured retail loans were 7.8% of bank credit and now they’re as high as 10.6%. All this has happened by chasing after consumers for loans. “We view this as a clear signal from the regulator that it wants to bring down the strong growth in these segments, which is being brought into effect by bringing about an increase in the effective cost of capital for lending to these segments,” says a report by Nomura. Experts say that RBI’s move will control the increasing delinquencies and high risks associated with lending in the unsecured loan segment. Due to increased risk weightage, lenders should have to cover for more credit risk in the unsecured loan segment and it will make lending more expensive. The loans will also turn more expensive for borrowers. “RBI has been cognizant of the high increase in unsecured lending and initial delinquency trends seen in the unsecured loan segment. While this might look like a small piece in the overall picture, the RBI is cautious enough to take an early step in controlling the same,” says Ameet Venkeshwar, chief business officer at LoanTap. The credit standards will also get tighter, experts hope. Most top banks offer personal loans at interest rates ranging between 10-26% depending on creditworthiness. These loans can go as high as ₹20 lakh and the minimum income limit has to be ₹30,000 to become eligible for such loans. Personal loan interest rates and processing fees <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lender </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Interest Rate p.a. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Processing Fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loan tenure </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC BANK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.5-21% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-60 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI BANK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.5-16% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2.5% + GST </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 60 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HOME CREDIT CASH LOAN </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24-34% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.5-5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 48 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ADITYA BIRLA CAPITAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14-26% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-72 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AXIS BANK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.49-22% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 60 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.05-14.05% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 1.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 72 months </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Bank websites and Bankbazaar Thou shall not tempt The free flow of personal loans has been pushing credit culture in the country. Preeti Mishra, a professional from Mumbai has a similar story. “I swiped as much as ₹50,000 on my debit card to pay my child’s school fees. Immediately, I got a call from my bank offering to convert that payment into a loan which can be paid off in installments. Why would I want to take a loan which I can afford to pay?” she says. Like Chandra, she also says that it’s fairly tempting. “Even if I was in a tad bit of a money crunch, I would have taken up the loan. And, in the long run, it would have made it tougher for me,” she worries that one bad day she might actually fall into a trap. Sumanto Roy is one such who has fallen into it, and now swimming at the deep end. The 27-year-old earns ₹60,000 per month. He already has a car loan that takes away ₹10,000 per month, another ₹8,000 as EMI for his phone and another ₹12,000 goes off his bank account every month as his laptop EMI. If Roy wasn’t living with his parents, he would have found it very tough to get by with this loan burden. “It’s difficult to pay off my credit card bill every month. I roll it over by making the minimum payment. Now, I am saving and trying to pay off my dues as fast as possible,” he tells Business Insider India adding that the loan burden is distressing him personally. Will BNPL hold on? However, banks and NBFCs are one side of the aggressive loan push story. There is a rising number of Buy Now Pay Later startups, companies that integrate EMIs while checking out of e-commerce websites, and VC-funded startups that loan for people who borrow to go on a holiday or a date. Experts believe that RBI’s move might change the dynamics of some of these fintechs to some extent. Jefferies expects PayTm’s consumer loan disbursal growth to normalize from around 90% in FY24 to 40% in FY25 and 35% in FY26. “For Paytm's lending partners, higher funding costs and increased capital requirements will affect product profitability in BNPL/PL. They may respond by tightening credit standards and/or moderating growth from elevated levels right now,” Jefferies says. Giving loans is a good business in today’s world where GenZs, especially are focussed more on ‘experiences’, want to live the good life. On the other hand, the new-age apps advertise in a buzzing manner day in and day out with taglines like — ‘Download, pay your credit card bills and earn rewards’. The lure of loan was always there. At the end of the day, lenders are different when you take the loan, and when it’s the time to pay up. Sooner or later, they would want their pound of flesh right at the heart. SEE ALSO <a href="https://www.businessinsider.in/business/news/wine-vs-tea-indias-consumption-trends-show-a-sharp-divergence/articleshow/104810168.cms">Wine vs Tea: India’s consumption trends show a sharp divergence</a> <a href="https://www.businessinsider.in/business/news/bitten-by-inflation-indians-buying-fewer-clothes-this-season/articleshow/105179140.cms">Bitten by inflation, Indians buying fewer clothes this season</a>

The dark truth behind RBI’s crackdown on easy personal loans

<ul><li>Unsecured <keyword id="35520" type="General" weightage="50" keywordseo="personal-loans" source="Orion">personal loans</keyword> account for 37% of Bajaj Finance’s loan book, while it is at 21% for Aditya Birla Capital and it is 27% for IIFL (standalone).</li><li>Tighter norms may impact <keyword id="6357120" type="General" weightage="80" keywordseo="paytm" source="Orion">Paytm</keyword>’s break-even timelines if there is a slowdown in loan disbursals.</li><li><keyword id="706950" type="General" weightage="50" keywordseo="aditya-birla-finance" source="Orion">Aditya Birla Finance</keyword> and IIFL may need to infuse capital after the November 16 tightening of capital norms by RBI. </li></ul>Reserve Bank of India’s <a href="https://www.businessinsider.in/finance/news/rbi-tightens-norms-on-personal-loans-for-banks-and-nbfcs-stock-reaction/articleshow/105277492.cms" data-type="tilCustomLink" target="_blank">crackdown on personal loan disbursals</a> by banks and non-banking finance companies will have a cascading effect on the sector. But the worst hit will be non-bank players as they will be hit on both asset and the liability sides. While they will have to pay higher rates while borrowing from banks and bond markets, they will also have to pass on higher costs to borrowers. This will slow down the rapid growth in their balance sheet, which has been driven by rapid growth in the disbursement of unsecured personal/consumer loans. According to analysts, non banking finance companies like Paytm and Bajaj Finance would be most affected by RBI’s move to tighten capital norms on unsecured loans and also loans disbursed to non banks. This will not only make lending more expensive for non banks but in many cases will also force them to raise more capital ahead of schedule. <keyword id="116253" type="General" weightage="80" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, Bajaj Finance, IIFL and Aditya Birla have relatively higher proportion of unsecured loans on their portfolio and, therefore, tighter capital norms will impact them the most. Unsecured personal loans account for 37% of Bajaj Finance’s loan book, while it is 21% for Aditya Birla Capital and it is 27% for IIFL (standalone), according to Jefferies. According to Jefferies, SBI Cards can see an estimated.400 basis points cut in its Tier 1 capital adequacy ratio while Bajaj Finance can see 220 basis point hair cut to Tier 1 CAR. However, both NBFCs are well capitalised and have higher return on equity (low capital consumption). “IIFL (standalone entity) and Aditya Birla Capital can see a 50-80 bps haircut to Tier 1 capital, which can lower their Tier 1 to 13%/15%. IIFL may need to infuse capital in the standalone entity; at ABFL, next phase of capital raise may get advanced,” the global investment bank said in a report. in funding costs. SBI Cards faces highest drag on Tier I CAR and highest dependence on bank-funding. The tighter norms will not impact NBFCs but even fintechs like Paytm. Loan disbursals by fintechs will also slow down from the current levels as they may find it hard to raise funds and even pass on higher cost loans to consumers. Japanese investment bank Nomura says in a report, that in the past 18 months, nearly 25%-30% of incremental growth for NBFCs has come from unsecured retail. Any moderation in unsecured credit for NBFCs will hence have an impact on both growth and profitability for NBFCs in our view. Moreover, the regulatory action comes at a time when credit costs in these segments have started to inch up. For Paytm's lending partners, higher funding costs and increased capital requirements will affect product profitability in the buy-now-pay-later and personal loans segments. Non bank lenders like private banks may also start to improve their underwriting standards after this which will impact overall growth. Jefferies says: “We also watch out for the pricing environment and ability of Paytm to pass-through hike in funding costs. In our base case earnings, we forecast consumer loan disbursal growth to normalise from 90% in FY24 to 40% in FY25 and 35% in FY26. Any additional 10 percentage point slower disbursal growth (vs. base case) in FY25/26E can lead to 5-10% impact on lending revenues and ~2-3% impact on overall contributions, which may impact break-even timelines as well. Paytm may be able to compensate for this through faster ramp-up of its merchant financing business.” ALSO READ: <a href="https://www.businessinsider.in/personal-finance/news/the-dark-truth-behind-rbis-crackdown-on-easy-personal-loans/articleshow/105287366.cms" data-type="tilCustomLink" target="_blank">The dark truth behind RBI’s crackdown on easy personal loans</a>

RBI crackdown on personal loans – Bajaj Finance, IIFL, Aditya Birla and SBI Cards to take a bigger hit, say analysts

For any business to grow successfully, digitisation is the key. As mobile payments are becoming mainstream, <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has played a key role in this transformation, empowering millions of merchants with comprehensive payment instruments. The fintech giant has been driving innovation with solutions for merchants to easily adopt in a technology-first world. Paytm Card Machine has emerged as a preferred choice among merchants, enabling them with a one-stop solution for all their business needs. With Paytm Card Machine, customers can make payments with multiple payment modes including UPI, Wallet, Credit /Debit card, and Net Banking. While card swiping machines have been in place before mobile payments came into the play, Paytm Card Machine’s all-in-one features has made the company’s card machine more popular among merchants. The smart device can be used anywhere from restaurants, cafes or even while out on deliveries. <div type="Youtube" id="d7SKxzr1CuQ" title="How Paytm Card Machine Transformed in-store Payments For Merchants" thumbUrl="https://i.ytimg.com/vi/d7SKxzr1CuQ/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=d7SKxzr1CuQ]]></url></div> The portable Paytm Card Machine eases payments acceptance for merchants and is packed with features that enables them to manage the whole store from the device. It allows merchants to easily print bills and track sales as it comes with an in-built scanner and printer wherein a merchant can also print GST compliant bills. Additionally, the in-built scanner of Paytm Card Machine allows merchants to scan the barcodes on the products and details like quantity, price and the product name will reflect in the bill. This helps in reducing time and effort for merchants in manually adding these details, ensuring hassle-free and quick billing. Moreover, the all-in-one Paytm Card Machine is also capable of customising solutions based on merchants’ needs and industry specific requirements for those in retail, hotel and restaurants, ticketing etc. The device can also be used to track sale performance and track inventory. Paytm has also partnered with more than 20 banks to enable special offers and discounts for customers on the purchase of high ticket items. Adding to it, Paytm All-in-One card machine is a portable device that not only allows merchants to accept card and QR payments but also has EMI feature enabled, driving affordability for consumers. This means while buying a product a consumer can also convert the cost of purchase into small repayments making it an affordable purchase. It also helps the merchant retain their customers while increasing the ticket size of transactions. Paytm’s operating performance of July showed a strong growth momentum in the merchant payment volume (GMV) and increase in devices deployed across the country. Its leadership in in-store payments has strengthened with 82 lakh devices deployed as of July 2023, an increase of 3.8 lakh devices from last month and 41 lakh devices year-on-year. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Fintech pioneer Paytm is expanding its in-store payments leadership with its All-in-One Card Machine

<ul><li><keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> has denied reports that it is in talks to acquire a stake in <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>.</li><li>One97 Communications, the parent company of Paytm has also denied reports of a stake sale.</li><li>Recent media reports claimed that Adani Group is looking to enter the UPI and e-commerce segments.</li></ul> Gautam Adani-led conglomerate Adani Group has denied reports that it is in talks with Vijay Shekhar Sharma-led One97 Communications, the parent company of Paytm, for acquiring a stake in the fintech company. Amid reports that the Adani Group is looking to enter the <a href="https://www.businessinsider.in/business/news/adani-group-plans-to-foray-into-e-commerce-and-upi-segments-to-compete-with-mukesh-ambani/articleshow/110495484.cms">UPI and e-commerce</a> segments, a <a href="https://timesofindia.indiatimes.com/business/india-business/adani-in-talks-with-vijay-shekhar-sharma-to-acquire-stake-in-paytm/articleshow/110509772.cms">report</a> by the Times of India claimed that the company is in talks with One97 Communications for a stake acquisition, citing sources familiar with the matter. The report claimed that Paytm founder and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="Vijay-Shekhar-Sharma" source="keywords">Vijay Shekhar Sharma</keyword> had met <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> at its Ahmedabad headquarters on Tuesday, May 28, regarding the deal. The report led to immense speculations across the business and political circles as expectations around Adani Group taking on the likes of JioFinance and Google Pay grew ripe. The share price of One97 Communications climbed 5%, hitting the upper circuit. The company’s share price reached INR 359.55. The opposition party Congress’s leader Jairam Ramesh launched a scathing attack on the Prime Minister, posting on X "Remember when Paytm was referred to as Pay to Modi? Prophetic words! Atmanirbhar to Parmatmanirbhar to Adaninirbhar!" <cmsannotation type="cmsannotation" annotationid="Adani Group issues a denial" comment="subhead" text="Adani Group issues a denial">Adani Group issues a denial</cmsannotation> The Adani Group has now come out and denied the media report. “We categorically deny this baseless speculation. It is totally false and untrue,” the Adani Group said in a statement. <cmsannotation type="cmsannotation" annotationid="One97 Communications also denies talks" comment="subhead" text="One97 Communications also denies talks">One97 Communications also denies talks</cmsannotation> In an official statement, One97 Communications denied reports of its talks with Adani Group. "We hereby clarify that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," One97 Communications said in an official filing. <cmsannotation type="cmsannotation" annotationid="Adani Group looking to enter the UPI and e-commerce segments" comment="subhead" text="Adani Group looking to enter the UPI and e-commerce segments">Adani Group looking to enter the UPI and e-commerce segments</cmsannotation> Earlier, media reports claimed that the Adani Group is looking to enter the UPI and e-commerce segments in India. According to the reports, the Adani Group is reportedly considering applying for a license to operate on the country’s public digital payments network, the Unified Payments Interface (UPI). The group is also in talks with banks to offer a co-branded Adani credit card to its customers. The group is also reported to be in negotiations to enter the e-commerce segment through the government-backed Open Network for Digital Commerce (ONDC). A deal with Paytm, which has several years of experience in both e-commerce and payments, could have helped the Adani Group establish itself in these segments and take on existing players such as Reliance Industries, Google, PhonePe and more. Paytm has been facing several regulatory challenges in recent years, with the Reserve Bank of India (RBI) ordering Paytm Payments Bank Ltd to stop the bulk of its activities earlier this year. The action led to a whopping 50% drop in One97 Communications share price within two weeks in February. SEE ALSO: <h3 style="line-height:1.38;margin-top:0pt;margin-bottom:4pt;"><a href="https://www.businessinsider.in/business/news/adani-group-plans-to-foray-into-e-commerce-and-upi-segments-to-compete-with-mukesh-ambani/articleshow/110495484.cms">Adani Group could soon enter e-commerce and UPI segments, to rival Mukesh Ambani and Google</a></h3><h3 style="line-height:1.38;margin-top:0pt;margin-bottom:4pt;"><a href="https://www.businessinsider.in/sports/webstories/ipl-2024-award-winners-orange-cap-to-emerging-player-of-the-season-here-are-the-winners/slidelist/110454525.cms">IPL 2024 award winners – Orange cap to emerging player of the season, here are the winners</a></h3><h3 style="line-height:1.38;margin-top:0pt;margin-bottom:4pt;"><a href="https://www.businessinsider.in/tech/mobile/news/poco-f6-with-snapdraon-8s-gen-3-chipset-launched-starting-at-29999/articleshow/110367623.cms">Poco F6 with Snapdraon 8s Gen 3 chipset launched starting at ₹29,999</a></h3>

Adani-Paytm Deal: Both One97 Communications and Adani Group deny reports as ‘baseless’ and ‘speculative’

The <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> wallet practically started the digital payment revolution in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. While many websites used to allow users to make digital payments using debit and credit cards, or net-banking in the early 2010s, the Paytm wallet is what brought the idea of portable, anytime available money truly to the fore. The idea was simple: download the Paytm app on your phone, and add money from your bank account to the wallet the same way you would for making a payment on an e-commerce website or elsewhere. But instead of having spent that money, Paytm would hold this money for you in a digital wallet, which could then be used for buying and paying for other items, like phone recharges and cab rides. Since a digital wallet didn’t conform to the usual banking norms, you could have automatic payments and other features too. But the one problem that users often had was that the Paytm wallet could only have the amount of cash that you had in your bank account. That is, until Paytm started allowing users to fill cash on the site using credit cards. Now, the wallet is not only an extension of your bank account, but also the amount of credit you have to your name. <cmsannotation type="cmsannotation" annotationid="Here’s how to add money to Paytm wallet using a credit card" comment="subhead" text="Here’s how to add money to Paytm wallet using a credit card">Here’s how to add money to Paytm wallet using a credit card</cmsannotation> Adding money to the Paytm wallet from a credit card is not too different from adding money using net banking or debit cards. You can also transfer the unused balance from the money added to your wallet back to your bank account without any additional charges. To add money to the from a credit card, you first need to open the app and tap on the <a href="https://paytm.com/paytmmp://cash_wallet?featuretype=add_money&amp;tab=wallet&amp;source=6" data-type="tilCustomLink" target="_blank">Paytm wallet </a>option, which shows up under the <keyword id="14463416" type="General" weightage="50" keywordseo="mypaytm" source="Orion">MyPaytm</keyword> option on the app’s homepage. This will lead you to a page that shows the balance you have on your Paytm wallet, and it will be zero if you have none. Underneath the balance, you will see the option to ‘add money to your Paytm wallet’. You enter the amount you want to add on the text box here and tap the proceed button below, which will take you to another page that shows you different payment options. For those who already have a credit card added, the card should show up on this next screen. But if it doesn’t, then you have to simply tap the credit card option under ‘new payment modes’, enter your card details and save them. Next, you click on the ‘Pay’ button that shows up below and the app will ask you to enter the credit card’s <keyword id="364261" type="General" weightage="50" keywordseo="cvv" source="Orion">CVV</keyword> number. Once a credit card is saved, you will only need to enter the CVV number and then an <keyword id="510437" type="General" weightage="50" keywordseo="otp" source="Orion">OTP</keyword> on the app whenever you want to add money using the credit card. For security purposes, the app will only ever show the last four digits of your card. You don’t necessarily have to store the card details on the Paytm app, but it makes adding money from a credit card much simpler. If you don’t save it, you will have to enter the credit card number, and all its other details every time. Disclaimer: This article is generated and published by the <keyword id="14028703" type="General" weightage="50" keywordseo="insider-studios" source="Orion">Insider Studios</keyword> team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>]

You Searched For "Paytm credit card" and got 12 results

What has changed for your credit cards, starting today?

Ira Alok Puranik

Paytm’s growing leadership in credit ecosystem – co-branded credit cards at 7.5 lakh

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With Rupay Credit Card on UPI, mobile payments pioneer Paytm deepens its leadership in UPI

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Paytm Card Machine is transforming in-store payments for India’s merchants — here are its top five advantages

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From UPI innovations to digital credit potential – these are the growth drivers in Paytm’s business

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Falling cashback on UPI payments – Credit card linking opens a door

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Paytm makes it easier to pay credit card bills – here are five reasons why you should be using it

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The dark truth behind RBI’s crackdown on easy personal loans

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Anagh

RBI crackdown on personal loans – Bajaj Finance, IIFL, Aditya Birla and SBI Cards to take a bigger hit, say analysts

Malini Bhupta

Fintech pioneer Paytm is expanding its in-store payments leadership with its All-in-One Card Machine

Insider Studios

Adani-Paytm Deal: Both One97 Communications and Adani Group deny reports as ‘baseless’ and ‘speculative’

Sourabh Jain

You can now add money to Paytm wallet using a credit card

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