Online mobile payments are becoming more popular due to Paytm. Initially paytm provides recharge and bill payment services, soon they started many other services like insurance, credit card, IRCTC booking, etc. Paytm users were allowed to pay their bill using different modes of payment including credit cards.
As paytm grows few users have noticed that their credit card was not working, but working fine on other platforms. There could be multiple reasons for this like your card limit, networking connectivity, paytm app issue, etc. If you are able to use your debit or net banking details for transacting on paytm but unable to use a credit card.
You are a merchant user!
From last few months paytm has changed their rules for merchants. According to new policy paytm has revoked the permission of using the credit card from their merchant’s users. As merchants can transfer their wallet money into their bank account by just paying nominal charges.
You are a classic member! | Who is Classic user?
According to paytm’s new usage policy user have done wallet to their bank transfer, paytm has marked them as a Classic member. Classic member is a category or user, who will not able to use credit cards or they have to pay 2% extra while loading money into paytm wallet.
Why paytm blocking credit cards?
Patym wants to encourage its users to use Debit card or Net Banking to add money into paytm wallet. Few people transferring their wallet money added using a credit card to bank accounts for earning Credit Card points or gaining access to free credit.
While paytm has to pay transaction fees for every transaction done at their platform.