Paytm to Charge 2 Percent Fee on Adding Money to Wallet Using Credit Cards

Paytm to Charge 2 Percent Fee on Adding Money to Wallet Using Credit Cards

HIGHLIGHTS

  • Paytm found that some credit card users were abusing that 0-fee transfers
  • To combat this, Paytm is charging all CC deposits a 2% transfer fee
  • It is refunding this money in the form of a coupon you can use on Paytm

On Wednesday, wallet company Paytm announced that it will be charging a 2 percent deposit fee from credit card users going forward. According to Paytm, this was being done to combat misuse of its zero-fee transfers, explaining that savvy users were rotating their cash through the wallet to earn essentially “free” money in the form of reward points. Paytm said that to ensure that genuine users don’t lose money, it will return the 2 percent charge in the form of coupons that can be used on Paytm.

Later, its founder Vijay Shekhar Sharma clarified that the coupons can also be used on third-party sites to pay Swiggy or Uber, although this mechanism has not been activated yet.

As noted in the post announcing this decision, since November, Paytm has been allowing users to take cash out of the wallet to their bank accounts at no charge. Typically, cashing out has attracted a fee from wallets. At the same time, Paytm and other wallets haven’t charged fees for depositing cash into their systems. This meant that credit card users could fill up their Paytm wallets using the card, then transfer that money back to their bank accounts, at no charge. “They were not only getting free loyalty points which effectively is free cash but also getting access to free credit,” Paytm noted.

This would be subsidised by Paytm’s own costs, as the company pointed out.

Incidentally, Paytm pays fee to card networks or banks whenever you use any payment instrument like any other online commerce company. Paytm pays a hefty charges when you use your credit card to card networks and issuing banks. If user simply adds money and takes to bank, we lose money. Our revenue model requires users to spend money within our network and we make money from the margins available to us on various products/services we offer.

For this reason, Paytm is now charging a 2 percent deposit fee from credit card users, and refunding them the same in the form of a coupon that can be used on the Paytm app. As we mentioned, on Twitter, Sharma has clarified that the coupons can work on third-party sites as well, and added that you will be able to use these with apps such as Swiggy, Uber, although the FAQ on the page currently still states that it can only be used on the Paytm app.

There are a couple of other caveats listed on the FAQ page. For one, these refund coupons will only be given when the amount you’re filling up is more than Rs. 250. If your transaction is lower than that, you will not get a coupon. Also, you will get a fresh coupon every time you top-up Paytm using a credit card, these coupons can not be clubbed, and have to be applied manually and individually. Also, these coupons can only be used in a single transaction. Also, the coupon isn’t applied as a discount on the transaction – it gives you an instant cashback to your Paytm wallet.

The coupons can also be used for bill payments, recharges, and so on, these are not limited to shopping on Paytm Mall. The vouchers will expire on December 31, 2017, but the FAQ mentions that this can be extended on request.

These charges are only being applied on credit card users, so if you’re using a debit card, net banking, or UPI/ IMPS payments, then you are not affected by this move.

Disclosure: Paytm’s parent company One97 is an investor in Gadgets 360.

Tags: Paytm, paytm wallet, cashbacks, Transaction fees, Credit cards, Loyalty points
[“Source-Gadgets”]

Google to Start Adding ‘Fact Check’ Tag to Accurate News Articles in Search Results

Google to Start Adding 'Fact Check' Tag to Accurate News Articles in Search Results

HIGHLIGHTS

  • Factually correct articles will bear ‘Fact check’ tag next to them
  • Google will check if websites are conducting fact checking on their own
  • It is currently rolling out in the US and the UK

How many times have you been proven wrong among your friends because something you said was factually incorrect? You then actually doubt your knowledge and regret referring to some random article on the Internet. Well, this happens to almost everybody who easily trusts anything that is available on the Web without scrutinising it thoroughly. But now, Google is coming forward to help you save from that embarrassment. Google will now start showing you whether an article is factually correct or not by tagging it with the ‘Fact Check’ label in search results.

Readers will start seeing the tagged articles in the expanded story box on news.google.com as well as in the Google News & Weather iOS and Android apps, starting with the US and the UK, Google said in ablog post on Tuesday.

Google says organisations like International Fact-Checking Network and others are making continuous efforts to fact check articles, misinformed topics, sensationalised headlines, and other Internet hoaxes rigorously. By collaborating with them, Google aims to provide you almost accurate long news stories in the categories of health, politics etc. The websites that have correct and accurate information will be stacked in Google’s database, and will show you a visible ‘Fact Check’ label in the news section.

“In the seven years since we started labelling types of articles in Google News (e.g., In-Depth, Opinion, Wikipedia), we’ve heard that many readers enjoy having easy access to a diverse range of content types,” said Google in its blog spot enlightening the efforts the Internet giant has done to make news more relevant for the readers. Funnily enough, the latest Trump debacle has been reported to be misinforming people during the US Presidential election slated to happen in the near future – and Google is saving US citizens (and others who are interested as well) from making decisions in haste and confusion.

The Google News vertical has also explained the process the articles will now undergo to check whether it contains fact checks in part by looking for the schema.org ClaimReview markup. Meanwhile, Google will also look for the websites that follow the standard criteria for fact checking. The news websites and the publishers who enable fact-checks and are eager to see it appear with the “Fact check” tag have been advised by Google to use that markup in fact-check articles. So, if you are one of the publishers, you can head to Google’s help centre to know more on the procedure.

Tags: Google News & Weather, Google News, Apps, Android, Google, Internet
[“Source-Gadgets”]

YouTube Adding Ability to Live Stream Video to Its Android, iOS Apps

YouTube Adding Ability to Live Stream Video to Its Android, iOS Apps

HIGHLIGHTS

  • Mobile Live Streaming will be built right into the YouTube app.
  • YouTube introduced live streaming to its platform in 2011.
  • Ability to live stream from app is currently available to select users.

YouTube added live streaming to its platform in 2011 and now the company is gearing to bring the feature to its mobile apps on Android and iOS. The company says that the YouTube mobile live streaming will be baked right into the core YouTube mobile Android and iOS apps. For starting a live video, users will have to tap the big red capture button in the corner, select an image to use as a thumbnail, and then they can broadcast live to followers. YouTube says near real-time chat will be there.

It adds live-streamed videos on the YouTube app will have all the features of a regular video, and users will be able to find them via recommendations as well playlists. YouTube has launched the feature initially with some creators including The Young Turks, AIB, Platica Polinesia, SacconeJolys, and Alex Wassabi at VidCon. It will be rolling out to more users soon.

Announcing the news, Kurt Wilms, Product Lead, Immersive Experiences at YouTube said, “Today, we are announcing a new chapter in bringing the power of live video to creators everywhere. Soon, we’ll be putting the power of YouTube live streaming in the palm of your hands.

YouTube in a blog post lists some milestone live videos that made records on the platform including the Royal Wedding in 2011 when millions of people tuned in. It adds that one-sixth of the Internet watched Felix Baumgartner leap from space live on YouTube in 2012 and over 21 million people tuned in to watch Coachella on YouTube this year.

YouTube’s move to bring mobile live streaming is a way to counter Facebook’s aggressive push of live videos on its platform. Last year, Twitter acquired Periscope which meant that the micro-blogging site had its own app for the wildly popular live video streaming phenomenon.

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Tags: Apps, Google, Social, YouTube
[“Source-Gadgets”]