Paytm has added a 2% fee on funds added to wallet using credit card (CANCELED!)

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It was a major flaw yes - when you brought back a charge to bank transfer - you have basically eliminated the flaw - the only thing remains is the transfer to Paytm bank account, which they promised will be free. They could have blocked that too.

Freecharge keeps cashbacks separate. Mobikwik used to keep that separate, recently started nonsense of only 10% of remaining cashback usage at a time. So not sure why Paytm could not implement the same.
 
If you were one of advisers who works for Paytm, than What is alternative? Or what measure would you take?
 
Transfer back only to source mode of payment and/or not allowing transfer of credit card loaded funds to bank accounts - should be sufficient.

They are just being idiotic right now - they may make gains because of so many people not using the cashback coupons. So in a way, maybe a planned move to make money

As far people misusing goes - Unless they are all a bunch of nincompoops, they would have known beforehand that it would be misused - at worse they may not have anticipated the enormity
 
but when two parties are involved, they cannot refuse transfer to bank account for the funds that were added using credit card. though it could have been blocked for users and enabled for retailers after proper kyc. of course that takes away a large part of the whole charm where any shopkeeper can just install Paytm and start accepting money which he can then send to his bank account.
 
"Transfer back only to source mode of payment and/or not allowing transfer of credit card loaded funds to bank accounts - should be sufficient." looks like a good solution if Paytm is able to differentiate the amount of money which is transferred from credit card separately from the total balance.
 
Well, most wallets restrict bank transfers once money is in wallet and/or charge a fee to transfer. Paytm does that too - they just waived during the demonization period.
 

@Simpleguy - they already had/have that feature - they had a limitation that money could be returned only to source - which means they know the source, i.e credit card & easily mark it so. Even if not, should not be too hard to implement.

PhonePe has load from credit card? Do not remember seeing it.
 
Sushubh said:
but when two parties are involved, they cannot refuse transfer to bank account for the funds that were added using credit card. though it could have been blocked for users and enabled for retailers after proper kyc. of course that takes away a large part of the whole charm where any shopkeeper can just install Paytm and start accepting money which he can then send to his bank account.
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Merchants would still be able to exploit the system.

The only sensible thing, accoording to me, is to charge transfer to bank.
 
I don't think big merchant like Paytm pays more than 1%(highly discounted for bulk) charge to banks.
 
virtual cards are treated as debit cards right? as they cannot be used internationally in any case? and they are generally prepaid? i wouldn't know. but you should now switch to recharging through upi. faster.
 
I have used them everywhere..ordered stuff internationally as well..it doesnt matter what i enter em as on Paytm to top up..have used em as both credit and debit cards
To be safe i just generated a 1000 rupee netsafe card and topped up paytm for 980 and used the netsafe card as a debit card..will get to know afyer 24 hrs how much paytm billed me on that netsafe card
 
do you get otp for that? otp screen shows the final amount charged. for me it showed 510 instead of 500.
 
Oh yaa upi is an option too thanks.bit off topic but can u brief me on that..is it as safe as netsafe..they have upi option on my hdfc app.nvr bothered activating it
Thanks
 

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