Mobile wallet company Paytm has released a list of all charges that you might have to pay for adding money via credit card or when transferring money from your e-wallet to a bank account. For the first time, Paytm customers will have to pay a charge for adding money above ₹10,000 in a month using a credit card.
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According to Paytm’s schedule of charges, any transactions less than ₹10,000 can be done for free. For transactions greater than ₹10,000 in a month, the digital payments firm will charge you an amount of 1.75% plus GST.
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In case the total money added by credit card, including current transaction, exceeds ₹10,000, then the entire transaction amount will be charged as 1.75%, besides GST.
For example, if the first transaction of adding money to Paytm wallet in a month is ₹12,000, a fee will be charged on the entire ₹12,000. This means that you will be charged ₹240 and the total amount deducted would be ₹12,240 from your credit card. All subsequent transactions will also be charged accordingly.
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In case where you make multiple transactions with a cumulative amount exceeding ₹10,000, then your first few transactions could be free. For example, if the first transaction is of ₹1,000, 2nd one of ₹2,000, then neither of the two transactions will be chargeable. However, if you make another transaction of ₹7,001, then the entire amount of ₹7,001 shall be charged. All subsequent transactions shall be charged too.
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Paytm service charges can be avoided by adding one using a debit card or through UPI.
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Paytm is not charging anything for purchase at the merchant site and Paytm to Paytm wallet transfers.
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For transferring funds from Paytm wallet to Paytm Payments Bank or any other bank account, the company will charge you 5%.
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The mobile wallet company, which currently enjoys a 54% market share of mobile payments for merchants, had recently launched all-in-one QR for merchants.
