Paytm to introduce new features to prevent credit card misuse in add money

By: | Published: March 10, 2017 2:59 PM

Paytm has announced that it is going to introduce new features to prevent the misuse of credit cards in adding money to the Paytm Wallet.

The company is also strengthening the team which focuses on identifying and blocking various types of misuse.

Paytm has announced that it is going to introduce new features to prevent the misuse of credit cards in adding money to the Paytm Wallet.

The company in a statement said that millions of customers and merchants have adopted Paytm as a part of their everyday life that includes paying at offline stores, shopping for groceries, paying for travel and paying their utility bills, said an ANI report.

The features to add money and transfer to bank at zero percent fee have, however, been misused by certain users as they were adding money from credit card to wallet and transferring to bank, thereby earning credit card loyalty points and free credit period. In order to prevent this misuse, Paytm had announced a refundable fees of two percent on adding money to Paytm wallet using credit cards.

You may also watch:

Keeping the millions of customers and merchants interest as utmost priority, the company has decided to remove the two percent fees and announced that it will be use a series of features and constantly target the misuse. The company is also strengthening the team which focuses on identifying and blocking various types of misuse.

“Our topmost priority has always been our users and are honored that they choose to transact on Paytm. We are steadfast in our resolve to enable millions of Indians become a part of the digital and financial inclusion revolution,” said Deepak Abbot, senior vice president, Paytm.

Earlier PTI reported today that Paytm has withdrawn the 2 per cent fee on adding money to mobile wallets using credit cards, a merely two days after introducing the levy.

The Alibaba-backed company had introduced the fee on March 8 after it found multiple users using its platform to get free credit by using credit cards to top up their mobile wallets and then transferring the money back to their bank accounts at zero transaction cost.

You may also watch:

“Keeping the millions of customers’ and merchants’ interest as utmost priority, the company has decided to remove the 2 per cent fee and announced that it will be using a series of features and constantly target the misuse,” Paytm said in a statement.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition