Manufactured Spending in India
 

With the advent of Paytm and Freecharge and Airtel Payment, etc., are the venue's for Manufactured Spending growing in India..

has anyone had any trouble with chasing Paytm with their credit card and transferring money to the bank ?

These schemes are all capped, so you can't MS significant amounts...

people are still hesitating to use these services....cash is still king....

also, i don't think people in india have quite caught on to the concept of manufactured spending....

Also note that after 'demonetization' the IT (thats income tax in India) authorities are watching any transactions that could be money laundering like a hawk, so any stacking (what the IRS calls it in the US) is quickly dealt with by freezing accounts. Try explaining an India bureaucrat what you are upto... Tahsir might have gotten away from the IRS in TX, but India...

https://www.travelcodex.com/2016/02/...ured-spending/

With the limitation in each wallet and the transaction fee of 4%...i do not see any incentive in manufactured spending. Further the initial spending amount is not exorbitant to MS..may be that might change.

One of the best option for MS in India is to get the 1000 Amex points if you could not achieve 4 transactions of over Rs. 1000.

Banks may exclude the spends on loading wallet for points in future.
This is India after all

Seems PayTM clamped back the free credit card loading and blocked many users account for wallet load. Other wallet account providers might follow the same approach.

Yup, thought about this thread when I read this earlier today. I believe there is a 2% fee for loading PayTM with Credit Card.

They rolled it back last night after the uproar

Did they roll it back entirely or do you mean the offer of gift vouchers in the same amount in return?

No 2% surcharge if you load money through credit card.

https://blog.paytm.com/we-will-intro...y-4c59fbfe017f

Exactly.

Would be very difficult to explain.

Still, a lot of "bank employees" were said to have been doing it...

http://timesofindia.indiatimes.com/b...w/57562444.cms

(Apparently the charge was reversed - as per today's TOI)

They charged me 4% to transfer money urgently to one of the friend. Now they are cribbing about the charges they pay...

PayTM to PayTM was always free - why were you charged 4% ?

It is PayTM to Bank Account transfer...

Now that 4% is understandable - they are paying the transaction fee when you load the money and they have to make money right ?

Why didnt you just do a bank to bank transfer ?