Regarding paytm fasttag

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Last Comment 2024-02-05

vasanth_ece

2024-02-04

Is it better to close Paytm fasttag and get a new one from other providers?.If so, which one I can take?

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https://www.desidime.com/discussions/regarding-paytm-fasttag?page=1#post_9862597

gdeal

2024-02-04

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RBI - Paytm News

Simplifying Paytm Issue

- For Paytm Users

1. All UPI Payments will keep working

2. Paytm Wallet will keep working

3. Fastag will keep working

4. All bookings will continue to work seamlessly

5. Paytm QR, Paytm Soundbox, Paytm Card Machine, all Paytm gadgets will continue to work

- Problem Area

Paytm has its own Paytm Payments Bank, which allows customers to open accounts and keep the money in their digital bank, which could be utilised like regular bank accounts.

RBI has found supervisory issues in top management and functioning of Paytm Payments Bank and hence decided to stop their services from 1st March, 29th Feb 2024 being the last date.

Customers only dealing with Paytm Payments Bank should be concerned, and move their money and accounts to other Banks.

In a clarification from Paytm, the company will soon tie up with other banks to solve this banking issue.

RBI has also allowed withdrawal of money from Paytm Payments Bank after 1st March as well.

Lot of misinformation about #Paytm development

All mainly talk about two things. Let's address that quickly.

1 Are my mutual fund investments via Paytm at risk? Will my SIPs be affected?

No. All that's via a separate company called Paytm Money, which is regulated by SEBI and not RBI.

2 Will my UPI via Paytm stop?

No. That's a big miscommunication by the media, to be frank.

> The likes of Paytm, PhonePe, GPay or CREDPay etc run UPI, via backend partnerships with certain banks

> For PhonePe, its a mix of YES BANK and ICICI Bank. For GPay it's Axis Bank. And for Paytm, it's the sister company Paytm Payments Bank

> And, it's the payments bank which has been barred. from doing UPIP transactions, not Paytm

Means what?

If Paytm switches its backend banking partner, the UPI payments via the app would go on smoothly.

And if you would recall, when Yes Bank collapsed, PhonePe onboarded ICICI Bank in less than 18 hours or

SO.

So, Paytm can do that too. No big deal.

Hope that clarifies all the concerns.

https://www.desidime.com/discussions/regarding-paytm-fasttag?page=1#post_9863015

saurabhstar

2024-02-04

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Still, there are doubts/confusion and things will get sorted out as time progresses, meanwhile, people should switch to alternative for upi/banking/wallet needs for the time being or until paytm comes out with complete info and banking partnerships.

Paytm wallet was in hands of Paytm Payments bank so wallet usage/oepration is going to be affected unless wallet operation is backed by another bank. So, wallet can't be relied upon.

Paytm UPI handle is of Paytm Payment bank and UPI was also operated by Payment bank so Paytm needs to onboard another banking partner asap for UPI features. Moreover, @paytm handle (which is given by payment bank) for upi can't be relied upon (until picture is clear) so you may need to change qr codes for the same, and change @paytm upi handle info submitted at other places.

For mutual funds/sip or any other nach/ecs/si mandate where the auto-debit bank account is Paytm payment bank, you need to go through additional process of changing such mandate to some other bank..