It is rather disappointing to hear that effective January 08, 2018, Paytm will no longer accept payments by Visa and Amex.
There is an “Important update” on the app in the “Home” section explaining the reason behind this. Read below for a summary.
It explains that Paytm were informed that effective January 8, 2018, all Visa credit card transactions would be treated as a “Cash Advance”. So, if you pay any bill with a Visa credit card, you will incur additional fees on your monthly statement. Hence, Paytm has decided to take it a step further and effective January 05, 2018, Visa credit cards will be suspended on the Paytm platform. I appreciate this move from Paytm as they continue to keep our experience a reliable one, and to avoid any surprises that we may come across.
In addition to this, again starting January 05, 2018, American Express cardholders will also notice a fee when they use Paytm to pay a bill. Since American Express credit cards incur an unreasonably higher service fee, when compared to other credit card service fees, it has debilitated Paytm’s ability to provide users the experience that they deserve as Paytm has been managing the fees.
So, where does that leave us?
You can still use the Paytm app to pay a bill with any bank account in Canada, your Mastercard credit card, your bank debit card (Mastercard and Interac) and Paytm Cash.
On a positive note, Paytm is offering extra Paytm Rewards this month through the newly launched Gift card deals, and two contests that they are running this month: one for a fully-paid beach vacation for two during spring break; and another one for an iPhone X.