Following the announcement made by Paytm, the mobile wallet company, on last Wednesday with regards to the levy of 2% on adding money to digital wallet through credit card, it has called off its decision within a span of 24 hours. Paytm has said this suspension has been done for the convenience of its customers.
“We are suspending 2% charge on credit cards for adding money to wallet keeping users’ convenience in mind. We are conscious that this move caused inconvenience to a large segment of our users, including those who are using their credit card for genuine transactions.” said the leading digital wallet firm in a blog post.
It was observed that many users were using Paytm to get free credits for topping up their digital wallets using their credit cards. Later the money was transferred back to their bank accounts without any transaction cost. It was reported that the earlier decision on this charge of 2% was taken to avoid such acts.
Though this charge has been suspended by Paytm, they have said that alternative measures will be taken to avoid misusage of its services. Their blog post continued that, “We will introduce new features to prevent credit card misuse in add money.”