Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Shamil Vazir, Assistant Vice President – Alternate Channels & Digital Payments, Equitas Small Finance Bank
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Ajay B Panicker, CEO & Founder, NetPay Limited
- Mr. Sanjay Saxena, CFO, Paytm Payments Bank
- Mr. Arun Tanksali, Co-founder & CTO, Nearex
- Mr. Ishan Vaish, India Partnership Manager- Worldwide Developer Relations, Apple
- Mr. Deep Shah, Lead AePS, NPCI
- Mr. Subbiaa Olimuthu, former Product Manager – RuPay Product
- Ms. Sujatha Mohan, Former Sr. Director – Payments- APMEA Region, FIS
- Mr. Prashant Sinha, General Manager-Banking, India Transact Services Limited
- Ms. Aishwarya Jaishankar, former SVP – Digital Products & Platforms, HSBC
- Mr. Vibhor Mundhada, Senior Vice President, Head of Merchant Acquiring, Strategic Alliances & Digital – Wallets & Initiatives at Mashreq Bank
- Mr. Hemal Shah, former Technical Product Manager, Mastercard
- Mr. Riaz Maniyar, Founder & CEO at easy2lend.com
- Mr. Piush Kothari, Head of Business Operation, Walt Disney Direct to Consumer & International
- Mr. Chitti Babu, former Global Head- Payments & Digital Solutions, Unimoni
- Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
With the increase in the number of digital transactions and growing e-commerce transactions wallets are growing rapidly. Well, one of the FIAKS community experts raises this question- Why is wallet-company charging 2% fees to top-up wallet using cards? Check this out
While another member shared this print screen.
Thereupon, he raised the question as to how can different customers be charged different money?
It’s been happening for a while now;
- There was a time when loading and transfer back to the bank were both free. There were so many misuse cases. It’s incredible. E.g.- 1) Load wallet through credit card > transfer to bank > withdrawal cash = Free credit 2) Similar mechanism to invest in liquid funds.
- If your business is based on a model that can be easily misused, then was it a valid business model at all, to begin with?
- Typically the wallet companies are attracting merchants stating zero MDR and passing this burden to the customers.
- The question on why wallet load costs money. If someone uses an HDFC bank card to load a Paytm wallet then the interchange payable to HDFC is being charged. They have taken the highest interchange level pertaining to credit cards and put the cost
- Loading money to the wallet should be like any other transaction, moving money to the bank account and then using it still going on either through the PoS terminal or through the Rent payment option. Charging the transaction is normal any how customer ends up paying either while using PoS or through rental payment.
Register and Read the complete bespoke discussions