Paytm mobile wallet has started to charge a 2 percent fee on the amount you will add to your Wallet using a credit card. According to Paytm, as they pay a high charge to your bank when you add money using a credit card, Paytm is charging a nominal fee for the transaction.
Back in January of 2020, Paytm conveyed that it will charge a 2% fee only when an amount of Rs 10,000 or more is added to the Paytm wallet using a credit card. But now, the applicable fee is expanding to any amount.
Paytm also suggests using Debit Card or UPI to add money to the Paytm wallet as by using these 2 options, there’s no fee applicable when adding money to the wallet.
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Paytm is also providing an offer where the user can get 2% cashback upto Rs 200 on adding a minimum amount of Rs 50 using a credit card.
PhonePe and MobiKwik, one of the biggest competitors of Paytm, does not charge any fee, no matter which payment method the consumer uses for adding money to the PhonePe or MobiKwik Wallet.
In recent news regarding Paytm, the payment-based application has also launched a new mini-app store within its app. The move was made to support Indian developers to take their innovative products to the masses.
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Paytm is providing listing and distribution of these mini-apps within its app without any charges. This move by Paytm also promotes the Atmanirbhar Bharat Mission by keeping the digital consumer spends within India.
Currently, more than 300 app-based service providers such as Decathalon, Ola, Park+, Rapido, Netmeds, 1MG, Domino’s Pizza, FreshMenu, NoBroker have already joined the program so that you can buy their products through the mini app store.