[GTO]

Can PayTM ever recover from this? I hope the company & authorities reach some settlement, whether its a very stiff fine, firing the Founder-CEO Vijay Shekhar Sharma or stricter external audits by a 3rd-party. Because PayTM does need to continue existing as it is (of course, within the regulatory framework) for the sake of customers & the market-place. We need more competition & players in the market.

I am an extremely happy PayTM user - the app's quick response, payment success rate, PayTM wallet functionality on 3rd party apps like Zomato / UrbanClap etc. is simply unparalleled by any other. GooglePay, PhonePe & gang don't come close to the PayTM app.

[fhdowntheline]

Originally Posted by GTO

I am an extremely happy PayTM user - the app's quick response, payment success rate, PayTM wallet functionality on 3rd party apps like Zomato / UrbanClap etc. is simply unparalleled by any other. GooglePay, PhonePe & gang don't come close to the PayTM app.

Plus one to that, moreover it is just about nowadays that my parents are getting comfortable using Paytm for various purchases/ linked payments. They would have to learn the UI and the trust of the process all over again. As an aside it is sad that the lack of ability of senior citizens to use the digital tools effectively is something that is being increasingly and mercilessly brushed aside in the quest to gain further prominence. There is no country for old men, as the movie title goes.

[CarNerd]

PayTM is the Kingfisher of financial technology. Just like Income Tax department froze the bank accounts of Kingfisher airlines, RBI has banned PayTM. Last month, SoftBank sold 2% stake in PayTM bringing its shareholding to 5%. In last November, Berkshire Hathaway had exited PayTM with a ₹507 Crore loss. Before that in August, Chinese Ant Financial had sold 3.6% stake in PayTM. All these events had pointed that something was wrong with PayTM. If all such popular start-ups are audited strictly, I'm sure there will be many bans in the future.

[self_driven]

Originally Posted by Manualpurist

Off topic:
Hi, was it easy for you to remove fastag from the windshield, I'm afraid that it will leave marks on the windshield.

Thank you.

In this chilly weather, it was not. I ended up removing the tag after some effort but the actual antenna part remained stuck to the windscreen. There's some glue residue as well. And the tag was fixed last August, so not very old. Better use a hair dryer or heat gun before trying to peel it off.

Originally Posted by thanixravindran

Thanks. I am in the same boat, have 3 Fastag linked with Paytm. I think we can't apply for a new Fastag unless old one is closed. Am I right?

Correct.

Instead of all these, can't they just transfer the Fastag to other providers of choice by giving some time? I am sure crores of Fastag will be with PayTM.

Pretty sure they will do something at a later date. But I'd rather go with a vendor of my choice.

[DigitalOne]

Originally Posted by GTO

I hope the company & authorities reach some settlement, whether its a very stiff fine, firing the Founder-CEO Vijay Shekhar Sharma or stricter external audits by a 3rd-party...
I am an extremely happy PayTM user - the app's quick response, payment success rate, PayTM wallet functionality on 3rd party apps like Zomato / UrbanClap etc. is simply unparalleled by any other.

I second that sentiment. I have been using Paytm since before demonetization or UPI.

Over these last few years, "Paytm" has become synonymous with UPI; this will have an adverse effect on the perception of the whole digital payment infrastructure.

One thing that got clarified from today's TOI is that Paytm app can continue to be used as a third party UPI app i.e the UPI id is linked to a proper bank. So no need to switch to another UPI app like Google Pay.

[Samurai]

Originally Posted by fhdowntheline

I have a bad feeling about this- this can just kill the entire UPI economy.

Not really. I see plenty of PhonePe/Gpay QR codes at lots of shops. Those that only have PayTM will switch soon, may be.

I use Gpay all the time, my PayTM usage is limited to Uber now.

[ninjatalli]

Originally Posted by GTO

payment success rate,

Originally Posted by Shreyans_Jain

- I use only Paytm for all my UPI transactions
- All my cars have Paytm fastags

It’s going to be an unnecessary inconvenience to first cancel these existing tags and then redo KYC with a different provider. And to get used to another UPI app. Paytm was good. Sorted interface, zero fraudulent transactions, never a miss. I have never downloaded Google Pay or PhonePe!

Guys, with regards to UPI transactions and the ease and success around them, paytm is just a middleman (interface). Like PhonePe or GooglePay or others. While I completely agree on the interface, the success of UPI transactions is thanks to the payment infrastructure behind it.


No disagreement with the rest of your posts.

[ZenMaster]

What is it with Indian Govt/Regulators and sudden bans on Money related stuff?

I hope this is just an arm twisting tactic by Regulators to bring the company within compliance..

In the end, it's the customer that loses...everytime.

[Harsh_sharma]

Originally Posted by NomadSK

Some Info I could gather from the print media. Probably Tomorrow would be a bad day at dalal street

Well seems like so! 20% gap down opening

[Samurai]

Originally Posted by GTO

Can PayTM ever recover from this? I hope the company & authorities reach some settlement, whether its a very stiff fine, firing the Founder-CEO Vijay Shekhar Sharma or stricter external audits by a 3rd-party. Because PayTM does need to continue existing as it is (of course, within the regulatory framework) for the sake of customers & the market-place. We need more competition & players in the market.

I finally got some clarity after reading the Ken article on it today morning.

https://the-ken.com/story/rbi-issues...-payments-bank

PayTM the UPI app should have been separated from PayTM the bank. For example, Google Pay and PhonePe are simply UPI apps, without being banks.

They were warned for years to separate the two. But they wanted to use the reputation of PayTM app to rub off on the PayTM bank, to make use of the branding.

RBI just killed the bank, and expects PayTM to just become an UPI app like PhonePe/Gpay. However, PayTM has tied the UPI app too closely to their bank. They have one leap month to execute the amputation and save their app side of business.

[Raghu M]

PayTm should have just been an intermediary between bank and a vendor. Taking deposits is plain and straight illegal. Even AirTel (Airtel money) tried to do it when it started payment services. What seems to be a norm today is actually illegal. All the gold schemes that people deposit money into, most of the chit fund companies and even pre-launch offers from real estate biggies are all plain scams. Please be extremely careful and do not fall for such gimmicks. Only banks are allowed to take and keep deposits (there are some exceptions though). Always remember, for our money to leave us it's very simple but when you have to get it back there is a lengthy procedure and always time consuming and irritating.

Take for example Fastag, I raised at least 20 complaints with the HDFC tag that wrong deductions are happening on my tag. There is a big procedure for it. You need to send the screenshot, attach your RC copy and all other details in an email. They will then investigate and even tell you that if we find any discrepancy, we will not process a refund. They will then take 21 working days to give you a refund. In the meanwhile you will keep getting messages of money being deducted at various toll gates and you cannot append to the existing query. You need to raise a new one. This seems to be a plain sight scam between some bank officials and toll booth employees. Cars get deducted to the tune of 395 to 445 rupees. Now just imagine, which toll booth in India has such charges for cars? Their confidence lies in the fact that most of the users will ignore such messages because they are not travelling. Only a handful will raise a complaint but the others money is pocketed.

[Amrit@wheels]

For the sake of customers, especially in rural areas, the RBI needs to strike some sort of deal(?) with PayTM, some sort of heavy fine imposition or something like that because it is by far the most popular and convenient application used in rural India. My father works in the SBI, and I know a fair deal about these apps. Since the past 5-6 years, almost every week he hears complaints about some sort of mess-up by these payment apps including SBI's own Yono. But surprisingly, hardly ever any issues with PayTM. I am also a very happy customer using the wallet for Fastag and microtransactions. As GTO said, other applications can not touch it.

[sagarpadaki]

Dang! Just yesterday I transferred 2k into my PayTM wallet. It went through!

[SnS_12]

Hopefully, everyone gets their money back or transferred as the max deadline for them to do so is 15-3-2024 if not it may open another set if can of worms.

[Amrit@wheels]

Quick update, just added 1k INR to my PayTM wallet 20 minutes ago, it was successful. The balance is reflecting in my wallet.