Paytm has suspended the half backed strategy to prevent the misuse of cash withdrawal from credit card via Paytm at 0% fee. After much uproar, criticism and questions Paytm has apparently realised the move could bring in more of inconvenience to users.
“Keeping the millions of customers and merchants interest as an utmost priority, we have decided to suspend the 2% fees and will continue to build a series of features to kerb such misuse”, Paytm writes on its blog.
The analysts, however, believe that Paytm’s move was more like a hush-hush decision as the system was not designed intelligently to handle the misuse of credit card transactions on the platform.
In our last teardown analysis after Paytm had announced the move to charge 2% on credit card transactions on the platform, we raised few questions on the possible abuse that still exists. Besides, we also found gaps in the newly designed process that could cause inconvenience to users who transact on the Paytm via credit card for legitimate use. It made Vijay Shekhar Sharm, Founder & CEO – Paytm, come out in defence. After few initial counters and clarifications, Mr. Sharma perhaps realised the complexity in the newly designed process, which resulted in suspending its plan to charge 2% later in the day.
Paytm has said that company is committed to users and keep customers’ convenience at priority.The team is developing the more enhanced and intelligent process that could automatically identify the legitimate and non-legitimate transaction regarding credit card transactions.