News By/Courtesy: Charul Mishra | 15 May 2019 23:04pm IST

HIGHLIGHTS

  • Small merchants have been doing fraud of up to 10 crores
  • The small merchants used various schemes, cash-backs, and freebies given by the company for committing the fraud
  • Payutm, therefore, reported various employees and delisted a various number of sellers from its platform

Recently, Paytm, after deeper studies by auditors, stated that small merchants with the help of their junior have been doing fraud of up to 10 crores by using various schemes, cash-backs, and freebies given by the company. Hence, they reported various employees and delisted a various number of sellers from its platform thereby preventing them from using Paytm anymore. Paytm’s Chairman and Chief executive Vijay Shekhar Sharma told that after Diwali, they noticed that there were various small merchants who got huge cash backs and thus they asked their auditors to do a deep audit. At first, he said that the amount is in double digits for sure but then he came up with a new statement stating that the amount would be between 5-10 Crores. He stated that various actions have been taken against these wrongdoers and from now on only best seller company can enjoy the platform which will provide a better ecosystem for the consumers. Though there many people who criticized this cashback model but Mr. Sharma told that this model is sustainable. Although the profitability will take some time since the company is entertaining small merchants and consumers, the Paytm is getting positive feedbacks and thus result into increase in profits. The Senior Vice President said that the company has a partnership with E&Y who will help to prevent fraud in their system through technology.

Section Editor: Puja Jakhar | 15 May 2019 23:14pm IST


Tags : #Paytm #PaytmMall #PaytmFraud #PaytmCashback

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