New Delhi, March 10: Keeping upbeat the current spirit of going digital, Mobile wallet company PayTM has made a quick U-turn in about 24 hours and suspended 2 percent charge it had announced on adding money to the wallet using credit cards.
On Friday, PayTM said in its blog: We are suspending the two per cent 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 adding money.
Earlier the mobile wallet major had announced, a refundable fee of two per cent on add-money through credit cards from March 8 on its wallets. The move was meant to prevent the misuse of transfer to bank facility at 0 per cent.
“At the same time, 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,” the company blog read.
However the withdrawal has apparently come in view of losing out to competition after mobile wallet major MobiKwik on Thursday announced that it would continue to offer free uploading of money.
“In order to popularise the government’s vision of a cashless society, we at MobiKwik have decided not to charge two per cent on credit card recharges so that more people can transact online without having to worry about additional charges,” MobiKwik founder and CEO Bipin Preet Singh said on Thursday.
For those who were charged, the amount was to be refundable in the form of a gift voucher to be used for recharging phones, paying bills, etc. through the Paytm wallet, it also said earlier.
Reportedly several users had started funding their wallet with their credit cards and transferring it to the bank all for free. And to prevent the misuse the mobile wallet had announced the move.