Paytm shares rebound in intraday trade, Motilal Oswal sees 30% upside
Paytm saw its worse after the Reserve Bank of India (RBI) put a ban over the operations of its payment bank services.
The money wallet platform, Paytm, on March 8, announced new rules for the credit card users. Paytm will now levy a 2% fee for adding money to Paytm wallet using credit cards. The charges are not applicable on shopping or making payments for any utilities using Credit Card or any other payment mode.
On March 8, Paytm issued the new changes on its social media blog. Paytm has said that it pays a hefty charges when users apply credit card to card networks and issuing banks.
If user simply adds money and takes to bank, we lose money,” said Paytm.
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“Effectively no credit card fee for those who use CC to pay at paytm. But charges for those who add and then transfer it all to bank,” said Vijay Shekhar, CEO, Paytm.
The move to levy 2% fee on using credit card to add money in the Paytm wallet has come on March 8.
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