PayTM is Doing Fraud & Making Money From YOU! [Must Read]
PayTM- How PayTM is Doing Fraud & Making Money From YOU! [Must Read]
Happy to grab something from PayTM at 40%, 60% or even 70% off with their cashback? Well, you sir just got fooled by them. If you don’t trust me then you must read it so that you don’t get cheated in future..
So the thing is, PayTM provides you 40% to 70% cashback, but did you even wonder how they’re giving so much discount? Probably no because you see the cashback coupon, apply it, buy the product and you think that you got much profit. Actually, PayTM made much profit from you just by a simple price inflation.
Now if you don’t understand what price inflation is, then here’s a simple thing from which you can understand it.. This is what PayTM do in their all sales:
NORMAL DAYS: Rs. 5,000
DEAL SEASONS: Rs. 10,000 with 50% CASHBACK!
If you don’t trust me, then you can have the example below:
Now with simple maths, 40% of 10,499 becomes 4,200.. So the product becomes: Rs. 10,499-Rs. 4,200= Rs. 6,299 which is nearly the price in which they usually sold it. Got me now?
HOW PAYTM IS MAKING MONEY FROM YOU!
This happens when you buy a product from PayTM with price inflation and fake discount:
You buy Rs. 10,000 product for Rs. 15,000 (price inflation) and apply a Rs. 5,000 cashback coupon.
You pay Rs. 15,000 from your side.
You get a refund of Rs. 5000 in PayTM wallet.
You transfer it to Bank with 4% charge = Rs. 4,800..
So here PayTM made Rs. 200 (4% of 5,000=4,800, hence you pay Rs. 200 to PayTM for transfer to bank) from you. Why? Because first they changed product’s price to 15K from 10K. If the price would have been Rs. 10K instead of 15K (inflated) with fake discount, then they wouldn’t have made any profit from you, but PayTM never did so!
HOW PAYTM’S DOING FRAUD IN 100% CASHBACK SALES
Again, same thing happens. They inflate price, gives you 100% cashback, but it’s worthless. For example, you buy a Rs. 2000 slippers for Rs. 3,000 (inflated price) with 100% cashback, then you pay Rs. 1,000 extra from your side because the shoes is only for Rs. 2,000. When you try to transfer it to bank, you get charged 4% and you again loose a bit of money.
Now why I am saying this? Because you are not the only one from whom PayTM is making Rs. 100 or Rs. 200, there are millions of Indian shopping from them!Here is how they make money with cheap tricks and gives you extra discount with again, price inflation.
HOW PAYTM IS MAKING MILLIONS PER DAY FROM A SIMPLE TRICK
So, PayTM said that people are doing fraud with them (LOL) and transferring huge amounts from one wallet to another and this is why they’re charging Rs. 3 for the service activation to have only legit people using their wallet, but dear PayTM, can’t fraudsters like you give you Rs. 3 for transferring ‘Huge Amount’? Even they know this, but this is just a way to make an excuse for this service.
You are paying Rs. 3 for transferring money. Why? Can’t you do this in MobiKwik, OxiGen Money & Other Wallets and transfer money for free?
Again, thousands or millions or people are activating Money Transfer service and PayTM is making much millions by this!
WHAT TO DO WHILE SHOPPING FROM PAYTM AND BE ON THE SAFE SIDE?
Follow these things while shopping from PayTM:
Always compare the effective price (price after cashback) with other websites.
Do check the warranty of your electronic item online.. I received 2 laptops and both of them had 5 months of warranty expired.
This is obviously a serious matter where people are being cheated from PayTM and so, please share this post with your friends so that you can help them in their online shopping.