paytm fee on credit card transactions

Earlier today India woke up with the news of Paytm charging the transaction fee from consumers on every transaction they make via Paytm wallet. The internet was buzzed with the rumours and media houses were quick to draw various assumptions on the move will impact consumers as well as the company, which is reportedly valued between $10- $15 billion.

Turns out, it was all rumour!

Paytm has refuted all the claims about the transaction fee on every transaction consumer does via Paytm. The company has maintained the strategy to continue providing the service for without charging a dime from consumers.

“Paytm does not charge or levy any convenience/transaction fee from our customers on using any payment method which includes cards, UPI, net-banking and wallet. Paytm customers can continue using all services available on our platform without any fee (same as before),” according to the official statement released by the Paytm.

Paytm also clarified that the company has no future plans to levy charges on consumers for transactions they make on their platform.

Paytm claims to account for 50% of the total wallet transaction market in India.

Earlier today the rumours about Paytm gearing up to charge consumers for every transaction started making rounds. Media houses were quick to debate whether Indian consumers are ready to bear such charges against the comfort to digital transactions at their fingertips.

Paytm, which was started in 2010, hit pay dirt only in 2016 due to the monetisation. In FY’ 2018-19, the company claimed to have achieved the Gross Transaction Value (GTV) of $50 billion.

By making it clear that Paytm has no plans to give any reason to shy away from the platform, it’s clear that the wallet industry in India is not ready to ask consumers for the convenience it provides. And, all of this is resulting in massive losses such companies are taking with each passing quarter. How long will the trend continue, would be interesting to watch though!

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