Paytm users to pay 2 per cent charge on using credit cards to top up wallets

News Network
October 17, 2020

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Paytm users will have to pay a 2 per cent fee on the amount added to their e-wallet using a credit card.

Until now, users had to pay 2 per cent fee if they loaded more than Rs 10,000 in their e-wallets via credit card in a month.

A message saying "Nominal charge of 2 per cent is applicable on adding money using credit card. Nominal fee is applicable since we pay high charges to your bank/payment network when you add money using a credit card. Please use UPI or debit card to add money for free" is displayed when customers attempt to add money to their Paytm wallet via a credit card.

Paytm is also providing an offer, wherein users will get 2 per cent cashback up to Rs 200 on adding minimum Rs 50 using credit card, as per the message.

When contacted, a Paytm Payments Bank spokesperson said customers have the flexibility to add money to their Paytm wallet from any of their preferred funding source, including UPI, net banking and cards.

"The banks and credit card companies charge a fee for loading money into the Paytm wallet from any of these sources. The 2 per cent charge is passed on to customers, who use credit cards for adding funds to their wallet. For all other sources, we will continue to absorb the cost of loading money," the spokesperson said.

The spokesperson further said the company has temporarily waived the 5 per cent charge that is levied on money transfer from wallet to bank accounts as a promotional offer for the festive season.

"The amount added in the wallet can be used to transfer money to another wallet or bank account, to make payments to online and offline merchants via QR codes, to process bill payments, do recharges and multiple other forms of transactions. All such transactions will also continue to be free of cost for our customers," the spokesperson said.

In 2017, Paytm had introduced a similar fee on amounts added to wallet via credit cards, but had rolled back the decision after pressure from users.

At that time, Paytm had said the fee was aimed at curbing misuse of its platform to transfer interest-free credit card funds to bank accounts of users at zero transaction cost.

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Agencies
October 22,2020

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Mumbai, Oct 22: The world's largest tractor manufacturer by volumes foresees a sustained growth in tractor off-take on the back of festive season along with recently introduced farm bill.

Accordingly, auto major M&M's Farm Equipment Sector President Hemant Sikka predicts the farm bill to usher in higher income for farmers, thereby, allowing greater farm mechanisation levels.

"These reforms are positive, and we await on-ground execution of various elements of this bill to better realise its effectiveness," he told IANS.

"Higher productivity and better farm incomes being a paramount objective of this bill will improve the farmers ability to purchase a better class of equipment, ensuring optimal utilisation of resources, along with better management of crop lands," said Sikka.

According to Sikka, farm mechanisation has seen a secular growth this year. "In certain states, where there was a huge dependence on migrant labourers, the Covid-related exodus resulted in acute spike in mechanisation," he said.

"In other states, where the dependence on migrant labourers were not as much, the demand for farm machinery was still there but not as acute."

For instance, some state governments are incentivising farmers to go in for greater farm mechanisation, so as to maintain the agriculture sector's growth rate during the Covid era.

Besides, Sikka noted that demand for higher HP tractors continues to grow.

"The overall industry has grown by around 12% in H1 FY21, whereas the over 40HP segment industry has witnessed much higher growth at 27.4%," explained Sikka.

"The contribution of over 40 HP segment in the industry has increased from 54.2% to 61.7%."

Furthermore, he expects rural sentiments to remain positive and translate into robust demand for tractors as "we move into the festive period".

"Concurrence of Kharif harvesting season and auspicious days of Navratri, Dussehra, Dhanteras and Diwali in October and November will support the demand trend."

He pointed out that the MSP measure, bountiful monsoon along with healthy water reservoirs' levels has led to an accelerated pick-up in tractor sales, so much so, that the company is barely managing to meet the demand.

"Starting with single-digit growth in May followed by double-digit growth in all subsequent months, we witnessed healthy demand during the Kharif harvesting season," he said adding: "We are operating at the lowest inventory levels ever."

Consequently, the demand supply mismatch has led to lower than usual inventory levels at the dealerships.

"We are trying to restore dealer inventory so that our channel partners are well equipped to cater to the festive demand," he said.

"Our factories continue to operate at peak or near peak capacity."

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News Network
October 17,2020

paytm.JPG

Paytm users will have to pay a 2 per cent fee on the amount added to their e-wallet using a credit card.

Until now, users had to pay 2 per cent fee if they loaded more than Rs 10,000 in their e-wallets via credit card in a month.

A message saying "Nominal charge of 2 per cent is applicable on adding money using credit card. Nominal fee is applicable since we pay high charges to your bank/payment network when you add money using a credit card. Please use UPI or debit card to add money for free" is displayed when customers attempt to add money to their Paytm wallet via a credit card.

Paytm is also providing an offer, wherein users will get 2 per cent cashback up to Rs 200 on adding minimum Rs 50 using credit card, as per the message.

When contacted, a Paytm Payments Bank spokesperson said customers have the flexibility to add money to their Paytm wallet from any of their preferred funding source, including UPI, net banking and cards.

"The banks and credit card companies charge a fee for loading money into the Paytm wallet from any of these sources. The 2 per cent charge is passed on to customers, who use credit cards for adding funds to their wallet. For all other sources, we will continue to absorb the cost of loading money," the spokesperson said.

The spokesperson further said the company has temporarily waived the 5 per cent charge that is levied on money transfer from wallet to bank accounts as a promotional offer for the festive season.

"The amount added in the wallet can be used to transfer money to another wallet or bank account, to make payments to online and offline merchants via QR codes, to process bill payments, do recharges and multiple other forms of transactions. All such transactions will also continue to be free of cost for our customers," the spokesperson said.

In 2017, Paytm had introduced a similar fee on amounts added to wallet via credit cards, but had rolled back the decision after pressure from users.

At that time, Paytm had said the fee was aimed at curbing misuse of its platform to transfer interest-free credit card funds to bank accounts of users at zero transaction cost.

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Agencies
October 14,2020

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New Delhi, Oct 14: The new Apple 5G lineup of iPhone 12 series will start its India journey from October 30 (excluding iPhone 12 Mini and 12 Pro Max) and industry analysts on Wednesday projected the 6.1-inch iPhone 12 and 5.4-inch 12 Mini to lead the pack in India this festive quarter.

The top versions -- iPhone 12 Pro and iPhone 12 Pro Max -- will be available in 128GB, 256GB and 512GB models in graphite, silver, gold, and pacific blue, starting at Rs 119,900 and Rs 129,900, respectively.

iPhone 12 and iPhone 12 Mini will be available in 64GB, 128GB and 256GB models in blue, green, black, white and red colours, starting at Rs 79,900 and Rs 69,900, respectively.

While two iPhone 12 models will be available for pre-order starting October 16, iPhone 12 Mini will be available for pre-order beginning November 6 and in stores beginning November 13 while iPhone 12 Pro Max is expected to be available in India around November 13, just before Diwali celebrations.

According to Navkendar Singh, Research Director, IDC India and South Asia, this festive season and next few months in India, "iPhone 11 would still do best, followed by iPhone SE 2020, iPhone 12, iPhone 12 Pro and iPhone 12 Mini, in that order".

"The 6.1-inch iPhone 12 is a good size for most Apple fans. It is very handy yet big enough to perform all tasks," Singh told IANS.

"Keeping the price of iPhone 12 Mini just $100 below iPhone 12 is a clever move by Apple. This means 12 Mini will appeal to those who really want a smaller phone and hence, will not cannibalise iPhone 12 which will still be the best seller," he added.

"Importantly, pricing iPhone 12 Mini any lower than this would have hampered iPhone SE 2020," Singh informed.

Pushing the limits of machine learning (ML), A14 Bionic in iPhone 12 models features a 16-core Neural Engine -- for an 80 per cent increase in performance — that is capable of completing 11 trillion operations per second, enabling improved performance on even the most intense ML models.

iPhone 12 models also feature Smart Data mode, which extends battery life by intelligently assessing 5G needs and balancing data usage, speed, and power in real time.

Apple's iPhone 12 Pro and iPhone 12 Pro Max feature a new lidar sensor on the back -- a technology first introduced on the iPad Pro in March.

The iPhone 12 models feature expansive edge-to-edge Super Retina XDR displays for a brighter, more immersive viewing experience, and a new Ceramic Shield front cover, providing the biggest jump in durability ever on iPhone.

iPhone 12 models also introduce MagSafe, offering high-powered wireless charging and an all-new ecosystem of accessories that easily attach to iPhone.

According to Tarun Pathak, Associate Director at Counterpoint Research, iPhone 12 mini is likely to be a very successful model in India.

"We won't be surprised if it ends up being the most popular iPhone in India ever in terms of its lifetime sales. With the same design language and most of the features, it will be not just attracting the existing iPhone users but also users in the ultra-premium in the Android camp," Pathak told IANS.

He said that with the launch of new iPhones, there is a surge in sales in older generation iPhones as well.

"So expect iPhone 11 to still go strong for the coming year and a half," he added.

"This might be the strongest lineup for Apple ever. The iPhone 12 family sell-in is expected to be larger than the iPhone 11 opening year sell-in despite launching a month later this time," Pathak added.

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