These days, it seems like everyone’s on the lookout for ways to save money, and that’s especially true when it comes to mobile phone recharges and other digital services. After all, they add up, and most of us don’t want to spend more than we have to on them. However, in recent months, some mobile recharge apps have been met with criticism from users due to a new feature some of them offer: an option to pay an extra fee to get more value for your money in mobile recharges or other digital purchases. The Battle of Mobile Recharge Apps: Which One Will You Choose?
Is convenience worth the extra fees?
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Paytm users have started to notice a charge being levied when they use Paytm to recharge their mobile phone. This charges, however small it might be, isn’t mentioned anywhere on Paytm’s website and neither is it present in any part of its Terms and Conditions. It is only visible if you look at your bank account’s transaction history after making a re-charge. But since most people don’t do that or don’t even bother keeping track of such small amounts, some might not even know about these charges for months or years! This has left many fuming with anger but does it mean that we should start looking for other options as well?
Who are these apps targeting?
Millions of people in India use online recharge apps to top up their mobile credit every month. The majority of these people are looking for an easy way to pay, as only 20% in urban areas and 40% in rural areas have access to a debit card. To capitalize on a market with huge potential, several new apps have launched that cater to specific user groups.
For example, PhonePe focuses on recharges through UPI payments for those who do not have bank accounts or PayZapp allows users to pay with any kind of crypto-currency. Are these apps worth switching to? There’s only one way to find out…try them all! Here’s a breakdown of some popular alternatives. All links will open up in new tabs so you can continue reading!
How will you decide which app to use next time you need a recharge?
Before choosing a recharge app, it’s important to weigh your options. Of course, whether or not you choose one over another depends on what kind of deal it offers you (mobile phone service providers usually pay apps for recharges, so these apps typically offer you an incentive if you decide to go through them). However, cost isn’t everything when it comes to deciding between apps. For example, Paytm has recently started charging some users extra fees for mobile recharges.
What can be done about this situation as a consumer and influencer in the digital world
Consumers should check if they are getting charged more than one time for a single recharge. If so, they should ask Paytm to reimburse them and also ask other recharge platforms (like Ola Money) to follow suit. This is how you get things done as an influencer in today’s age—by pulling out one big lever and moving everyone’s business along with it. Let’s see if anyone has what it takes!
How can I get report on Paytm?
Users can get a report for each transaction. Tap menu at top right, then tap report. When you use Paytm app to make payments, we collect your phone number as well as other information so that we can create your Paytm ID. We record and store your mobile number with our payment partners including banks. For example, when you recharge with Rupay card or on UPI network, a one-time-password (OTP) is sent to your registered mobile number which acts as confirmation before we send over cash to bank account linked to Rupay card or UPI handle. The OTP helps protect against unauthorized transactions if someone has got hold of your phone/SIM and attempts payment with it while pretending to be you.
How many Indians use Paytm?
Recent research from eMarketer estimates that by 2020, more than 400 million people in India will be paying for goods and services online at least once a month—and Paytm is hoping to capture a hefty share of that market. For example, according to Euromonitor International data quoted by Quartz , about 17% of internet users between ages 18 and 29 in India are already transacting through Paytm. As more young Indians come online, Paytm is looking to solidify its position as their go-to platform for mobile recharges (i.e., pay as you go service). While prepaid minutes can be purchased with Paytm, it doesn’t offer contracts that allow customers to pre-pay airtime or data usage.
What happened to Paytm?
Paytm, one of India’s biggest and most popular mobile recharge apps, has seen a significant decline in user experience. Some users are reporting issues with recharging their accounts—and if you don’t have money in your Paytm wallet, it’s difficult to top up. The issue seems to lie with insufficient balance and an error that kicks in when you attempt to transfer money from your bank account. We will update our review as soon as things are back to normal on Paytm’s app. In the meantime, we recommend using another mobile recharge app (see below).
Is Paytm going to close?
Many people have been concerned with Paytm’s recent actions. They have begun to charge many users extra fees for mobile recharges. To make matters worse, they sent out a note saying that from now on if you send more than Rs.10,000 using their service (remitting money home) then you will be charged an extra 2% fee for any payments exceeding over Rs.1,00,000 – A huge amount in India! This has caused outrage amongst customers and many are looking for a new way to pay each other or even themselves. So is Paytm going to close or not?