Well well well, the honeymoon period has finally ended is what Vijay Shekhar and Paytm will be thinking now. Paytm has made a new server-side change, and it brought a new feature dubbed Paytm Cash. This might sound like just another feature, but that’s not the case as Paytm is no more allowing users to transfer cashbacks of products to bank accounts. This is a big blow for avid buyers on Paytm. Similarly, this feature doesn’t even allow users to transfer cashback to another Paytm user as well.
Until now, Paytm is allowing users to transfer cashbacks they received on purchase of products to other Paytm members and bank accounts as well. But from now, Paytm will maintain the cashback and wallet amount separately. The cashback received by users on the purchase of products will appear in Paytm Cash tab, while the wallet added amount will appear in the Wallet section.
However, a Paytm user can see the transactions made on the portal under wallet section. Both the wallet and Paytm Cash sections can be found under Passbook menu. As stated, it’s a server-side change, meaning users with Paytm application installed should’ve received this feature by now. To be noted, this change is applicable to both Paytm iOS and Android users.
With this move, Paytm is forcing its customers to make use of the cashback on Paytm itself, which further increases the transaction value for the company. This move will also reduce the cashback misuse cases which we reported recently.
Last month, Paytm said that it has over 280 million users and over 5 million merchant partners, and also became the first payments app to cross the 100 million downloads mark on Google Play Store. Paytm also rolled out UPI to its application, making it the latest UPI platform to date. With the latest Paytm Cash move, the company has disappointed a lot of users across the country, but Paytm is looking after security and also to reduce the cashback misuse. What do you think of this move from Paytm?