In less than 24 hours, Paytm has approved and then rolled back its decision to charge 2% fee on users who recharge their wallets with credit card. The move resulted in a social outcry from many users, who felt charging any fees goes against the promise of making India digital payment friendly.
However, Paytm has promised to come up with a solution to make sure that no user exploits the loophole of recharging through credit cards anymore.
Paytm blogWe are suspending 2% charge on credit cards for adding money to wallet keeping users’ convenience in mind. We will introduce new features to prevent credit card misuse in add money
Paytm decided to do away with 0% transfer to bank fee for merchants as some users were using their wallet balance done with credit card then transferring it to the bank for free.
This isn’t the first time when Paytm had to rollback one of its decision, and as things look to be shaping up, not going to be the last one to be scrutinised for sure.