Paytm has thus rolled back its recently rolled out feature of converting Credit Cards into Gift Vouchers. The feature introduced on February 15, converted the money charged to the Paytm wallet into gift vouchers. The gift vouchers, in turn, can only be used to perform recharges or purchasing items from Paytm Mall. Though silently launched, the feature turned out to be at the receiving end of all criticisms.
Paytm hasn’t commented much on the feature, which according to them was a limited period offer. However, credit card misuses were reportedly the main reason behind such a move. That said withdrawing money using credit cards would incur transactional charges up to 3 percentage. However, with Paytm offering fund transfer to bank accounts at 0 percentage interest, the company noticed that many had misused credit card in such a way.
