PayTM To Launch New Features To Prevent Credit Card Misuse
Mumbai, March 10: Indian payment and commerce company Paytm has announced that it is going to introduce new features to prevent the misuse of credit cards in adding money to the Paytm Wallet.
The company in a statement said that millions of customers and merchants have adopted Paytm as a part of their everyday life that includes paying at offline stores, shopping for groceries, paying for travel and paying their utility bills.
The features to add money and transfer to a bank at zero percent fee have, however, been misused by certain users as they were adding money from credit card to wallet and transferring to the bank, thereby earning credit card loyalty points and free credit period. In order to prevent this misuse, Paytm had announced refundable fees of two percent on adding money to Paytm wallet using credit cards.
Keeping the millions of customers and merchants interest as an utmost priority, the company has decided to remove the two percent fees and announced that it will be using a series of features and constantly target the misuse. The company is also strengthening the team which focuses on identifying and blocking various types of misuse.
“Our topmost priority has always been our users and are honored that they choose to transact on Paytm. We are steadfast in our resolve to enable millions of Indians to become a part of the digital and financial inclusion revolution,” said senior vice president Paytm, Deepak Abbot.