Is India going Cashmore or Cashless?

With banks in India considering more charges and fees for cash transactions and e-wallet companies charging more for transfer to your account, will India go cashless?

Within 24 hours of introducing a 2% levy, PayTM on Friday withdrew the charge on credit card usage keeping "users' convenience in mind", reports Times of India. PayTM introduced the charge on Thursday, after blocking the credit cards of users who were suspected of exploiting a discount it offers. PayTM said it had applied a refundable fee of 2% with the intent of preventing misuse of the 0% bank facility. "At the same time, we are conscious that this move caused inconvenience to a large segment of our users, including those who are using their credit cards for genuine transactions," said PayTM in its blog. "Keeping the millions of customers and merchants interest as utmost priority, we have decided to suspend the 2% fees and will continue to build a series of features to curb such misuse," said the company.

PayTM kept reassuring customers from its official Twitter handle that if their account had been inadvertently blocked, the move would be reversed. In November, PayTM launched a new payment platform for small merchants at 0% fee. "But we soon realised that there were merchants and bank staff misusing our 0% bank fee offer to fund their wallet with credit cards and then transfer the money to their bank accounts -- in effect getting loyalty points or cash and free credit," said PayTM founder Vijay Shekhar Sharma in an earlier interview to TOI.

SJP @DigitalAsian - ShareYaar


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