Paytm denies charging fee for adding money to its wallet

• Paytm users received push notification saying it is charging extra for adding money to its wallet.
• The company released a statement to say that it doesn’t currently charge extra for adding credit or debit cards, and doesn’t plan to do so either.
• Paytm had clocked in a gross transaction value of $50 billion through 5.5 billion transactions in the financial year 2018-19.

On Thursday afternoon (June 27), Paytm users got a push notification which said that their transactions to add money to their wallets through credit cards will be charged at 2%.

Following this, there were reports that all transactions – debit or credit – would be charged, to recover from the cash burn.

However, Paytm clarified that it does not levy any convenience/transaction fee.

“We would like to clarify that Paytm App/ Payment Gateway does not charge or levy any convenience/ transaction fee from our customers on using any payment method which includes cards, UPI, net-banking, and wallet. Paytm customers will continue using all the services available on the platform without any fee (same as before),” the company said in a statement.

It also went on to warn users of educational institutes or organisations which do not want to bear credit card charges and thus, shrug it off to the consumers by asking them to pay for the same.

Paytm clocked in a gross transaction value of $50 billion through 5.5 billion transactions in the financial year 2018-19. It has also set a target of 12 billion transactions by FY20.

It currently holds over 50% of the market share in the payment gateway industry. The company also said that as many as 400 million transactions take place on its platform every month. This is five times more than its next competitor, in this case, MobiKwik.

See Also:
Online fund transfers via NEFT and RTGS to cost less as charges are removed