Are you using a credit card to add money to Paytm wallet? Think twice :
We know for sure the digital transactions are shaping the country very well. Interestingly, the demonetization has boosted the digital financial transactions in the country. Due to this, so many transactions are taking place digitally. In such phenomenon, Paytm is playing a key role in such transactions.
But, I came to know that the Paytm has converted the money added through credit card as ‘Gift Vouchers’ but not as wallet balance. This all happened after adding money from my credit card into Paytm wallet.
Did you face this issue too?
Well, I am sure you would have. Because not just you and me, many users of Paytm complained about this.
And now, I am here to tell you what exactly took place and why did it happen?
Why think twice before you add money to Paytm wallet via credit card?
Many Paytm users are complaining about their money locked in gift voucher when added through their credit cards. Later, I learned that without any official announcement, the company has rolled out this feature. In this case, when you add money through credit card into Paytm wallet, the amount will silently turn into the gift voucher. And you can use this only on Paytm Mall. This is nothing but payments through Paytm and other modes of transactions involving the Paytm.
When speaking to Outlook on this issue, Sonia Dhawan, AVP, Paytm said, “It was a trial which has been discontinued now. This was to check how many users were using their credit card to add balance to their Paytm account. We will be introducing a new policy for the Paytm customers soon.”
The big question is – How can they do this without any alert or official announcement?
I say this is definitely a matter of grave concern.
Note: Last year, the Paytm had said they will charge 2 percent of the customers each time credit card is used to add money to the wallet. However, the decision was soon rolled back.
What should you do in this case?
In case if your money has converted to gift voucher when you have added money through credit card on your Paytm account, then there is one possible way to come out of this. If you don’t know, I will tell you a solution in which you need to approach a Paytm Merchant for this. Here, the merchant can convert the money and can relieve you from this issue. But he might charge a percentage of his share of the amount you transfer.
You can try this if you want to.
On a personal note, I would like to tell you that I have spent 4 percent for the transaction. Now, it is up to you whether to go with this or not. Good luck!
Millions of transactions are taking place digitally, mainly on wallet apps but when the companies roll the new features without any intimation, people will definitely lose their trust. The same things happen in the Paytm while adding money on Paytm through credit card. Every day nearly 10 million transactions are done on the platform of Paytm, and when the issue comes up on such a big platform like Paytm, no wonder what users can think. As this platform offers cashless transactions, several users are opting this but if the company gives us such stunning offers, then they might see few lows.