Paytm charging 4% for transferring funds from Wallet to Bank

[mhsabir]

Well, I was speaking in general. I mean, surely people do give 5-10k to friends etc as short term hand loan just like that.

 

[Sushubh]

yup. i do not see how one can properly provide records to income tax department these days considering the number of digital wallets that exist today and the lunacy created by the central government. if the government starts scrutinizing digital wallets, they probably would not have much time left for anything else considering they are asking you to use it as an alternative for cash.

 

[hitech0101]

So the trick i mentioned doesn't work well. I should really stop listening to people in my office who use Paytm a lot without even completely understanding it.

 

[Sushubh]

it works if you need it to work. but requires too much effort so does not make sense unless you are desperately in shortage of funds. you have to involve another person. it might be better to just take a loan from that person instead of taking a chance with your credit card.

 

[hitech0101]

If i credit card from the same bank that i have a account with Will it work ?

 

[Sushubh]

the question here is whether Paytm accepts transfer made using credit card as a topup if you use your own credit card. i mean you can add money using the regular feature. or use this new feature that was recently added:

 

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[mhsabir]

It will go back to the source from where you took the money in the first place. To put it simply, you need two Paytm accounts for it to work..Yours & someone else's

 

[mhsabir]

It will go back to the source from where you took the money in the first place. To put it simply, you need two Paytm accounts for it to work..Yours & someone else's

 

[Sushubh]

as you can see, you can accept payment using credit or debit card here. if you use your own card... i am not sure if it considers it a topup or payment made from external source. if it is the latter, it might allow you to transfer that fund to your bank account.

so Paytm app would soon start accepting payments through upi. that's nice.

 

[mhsabir]

I thought you needed to register as a merchant or business or something? No?

 

[Sushubh]

the option appears on my app. since there are zero charges, i can test doing a 100 rupee topup i guess?

sigh. not sure how this is supposed to work.

so the other party needs Paytm to pay using credit/debit card?

 

[Sushubh]

hmm. i thought so. this is better than asking a customer to enter his card details on your phone. but then... people would still be worried about entering their card details on a random url that they got on sms. even though it is clearly on Paytm website.

i assume this could work to add funds to your wallet that can then be deposited in your account as they should appear as payment not topup. can't confirm tho 😛

 

[mhsabir]

Ok. So I decided to check the app for what @hitech0101 said. In the app, even though the page itself in passbook says you can transfer to source. I added 100 rupees via card & transferred that plus some change that was left to bank :O - I mean I should get credit only tomorrow, but still.. the point remains that I was able to.

 

[Sushubh]

so you did not have money from any other source in account? 😛

i mean a user can say that i had money accepted from other parties last month and that's the money i am trying to send to bank not the money i added using card this month or something like that. 😛

how can Paytm justify source of money once money from multiple sources have arrived in the wallet!

 

[mhsabir]

It was all used up. Paytm is no longer my go to wallet. Freecharge/Mobikwik/Payzapp/Tapzo are used more.

I had less than 10 bucks left. Added 100 via credit card. Cleared full balance back to bank account.