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Paytm to charge 2% for loading money via credit cards; parallels with PayPal

Paytm will now be charging 2% fee if a user uses a credit card to load money on its wallet, the company informed via a blog post. The digital payments company said that this was necessitated due as many users used credit cards to top up the digital wallet and transferring the money back into their bank accounts at zero transaction cost and getting free loyalty points. However, Paytm will give the same fee back to users as a cashback if they chose to use a credit card to add money to the wallet. Netbanking and debit cards top ups will continue to be free. Note that users will the cashback coupon within 24 hours of adding money using a credit card via email and SMS. The company added that users need to add more than Rs 250 using a credit card to be eligible for cashback.  This change applies from March 8th. However there will be no charge if a user uses a credit card to pay your bills, do recharges or make any purchase on Paytm directly."There is no credit card fee on transactions done using Paytm in our partner apps like Uber, Zomato, Big Basket, Swiggy and all other Apps that use Paytm Wallet," it added. "Paytm pays a hefty charges when you use your credit card to card networks & issuing banks. If user simply adds money and takes to bank, we lose money. Our revenue model requires users to spend money within our network and we make money…

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