Social media counterblast urge Paytm to roll back top-up charges

PayTM
China's online giant Alibaba-backed Paytm, the Indian payment and commerce company, today cited the outcry on social media as a reason for withdrawing 2 percent charge that it levied on money loaded in the wallet using credit cards.

New Delhi, March 11: China’s online giant Alibaba-backed Paytm, the Indian payment and commerce company, today cited the outcry on social media as a reason for withdrawing 2 percent charge that it levied on money loaded in the wallet using credit cards.

“I will react faster. I won’t say I will do anything different but I will react faster. Yesterday, we levied 2 percent charges for adding money to the credit card on a Paytm wallet. Last night it was rolled back. In less than twenty-four hours,” Paytm founder and CEO Vijay Shekhar Sharma said at a ‘Knowledge Factory’ event.
Sharma was talking about a possible action plan of Paytm in case it faces a social media backlash like Maggi crisis in 2016 that led Nestle India to destroy around 38,500 tons of the noodles.

“I want to give you the reason for roll back. Obviously, a lot of people were gaming. You know what the bankers were gaming was my problem. I want to tell bankers you have a problem for common consumers. I am giving you money any which way you can use,” Vijay Shekhar Sharma said.

He said people in India are ignorant which is a big problem for any company to build a business.

“People get into the quick concerns and outrage on them but at the same point of time, you have to react to certain people in a larger sense so your system has to be changed. I just felt bad that we were really not charging people because we were giving money back, except we wanted to reduce that money method. It was net found out that we should let these (credit card gamers) guys block…hack with you,” Vijay Shekhar Sharma said.

He said those people may feel bad about when told that they “were doing fraud”. “In my mathematics it is called fraud,” Sharma said.

Shekhar Sharma said that Paytm’s millions of cards were found to be very savvy and premium cards.

“They are intelligent people. Only intelligent people can take money from credit card to the bank and rotate for a 0.1 per cent interest. You know interest that they will save…Then Twitter is an amazing media. It sort of gives you myopia of that you have a public opinion while you have an opinion of thing which is in front of you and which may not be public opinion,” Sharma said.

On this issue, the way company handles its image of being associated with the Chinese firm, Sharma said, adding sometimes business is like a cultural bond between two countries and drives things which are on a positive side.

“I go out there (in China) and tell them that let me tell you one thing that somewhere if you could talk to Xi Jinping (Chinese President), please talk to him and get to us security council seat,” he said.

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