Paytm rolls back 2% levy on credit card recharge

 In a u-turn to Thursday’s decision, e-wallet company Paytm rolled back its 2 percent charge on credit card transactions used for recharging the wallet. Paytm rolls back 2% levy on credit card recharge In a u-turn on Thursday’s decision, e-wallet company Paytm rolled back its 2 percent charge on credit card transactions used for recharging the wallet. The company said it has been done for customers’ convenience. It said: “Keeping the millions of customers and merchants interest as utmost priority, we have decided to suspend the 2 percent fees and will continue to build a series of features to curb such misuse.

In an earlier blog post, the company had said it will levy a 2 percent charge on all credit card transactions done while recharging the e-wallet. Paytm had said that users were using the platform to get free credit by using credit cards to fill up the wallet and then transferring money back into their bank accounts. The process removed the transaction cost for customers. Paytm also said that it has to bear hefty charges when customers use credit cards to card network and issuing banks.

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