[DigitalOne]

Originally Posted by Sheel

I am trying too, as have some balance, but...can you share the procedure?

App does not allow screenshots, so couldn't take any. But it is normal steps. From the Home screen --> Wallet --> Transfer to Bank. It is possible that you don't see this option because you may not have linked a bank account for UPI purpose. I have two bank accounts (ICICI and IDFC) linked for UPI.

Originally Posted by Comrade

1. PayTM UPI txns can continue so I don't see how sound boxes and QR codes will be impacted. PayTM anyway moved from Wallet QR to UPI QR for all merchants long back.

True. I just now verified this from a shopkeeper when I made a payment to a Paytm QR code with a sound box. No impact for them, as the amount goes to a nationalised bank.

[gururajrv]

PayTM was my go to app for UPI / Wallet / FastTag. It's interface was seamless and had no issues with failures in payments, unlike Gpay which used to fail 3 on 10 payments.

More concerning is the retirement of Fastag. How do I proceed with this fastag process? Can someone point me in the right direction?

[KL01toKA03]

Is there any impact on PayTM Money? I use that for investing in mutual funds.

[Fx14]

An update for all concerned about the Fastags.

What happens to Paytm FASTags after February 29?
For those who are wondering if their Paytm Fastags will stop working? It won't. You can continue to use the existing balance on your Paytm FASTag. The company said that they started their journey of working with other banks over the last two years, which they are planning to now accelerate. Paytm also informed that they are working on effective solutions to ensure a seamless customer experience.

https://www.ndtvprofit.com/business/...ebruary-29-npc


It may be prudent to just wait for further details. In all probability, they may come out with an option to migrate the back end linking of the extant FASTag to one of their partner banks.

[kartikh]

Originally Posted by Comrade

But if PayTM (PPBL) is not complying with the regulations, then I am better off with legacy banks like HDFC or ICICI or even SBI. IT prowess cannot compensate for financial irregularities!

There were allegations in 2022 wherein Paytm was "leaking" data to the Chinese (they were funded by the Chinese back then) - this was the reason the Bank were barred from onboarding new customers. Article link: https://economictimes.indiatimes.com...5.cms?from=mdr Although they did reply to it, but it was half hearted. If they were really honest, they would have challenged this decision in court - which they did not. I am wondering why.

The data leak was a red flag for me - I closed my account immediately then. I am surprised they were not fined for data leaks - just a slap on the wrist and they were let off too easily. The current situation they have found themselves in was something which was bound to happen - you need to comply with regulations and not just look at increasing user base and profits.

[robincsamuel]

Originally Posted by KL01toKA03

Is there any impact on PayTM Money? I use that for investing in mutual funds.

It seems PayTM Money isn’t affected.

What happens to stock, mutual fund services?
These services are regulated by Sebi and are not covered under RBI's order. It is
unclear whether Sebi will review their operations after RBI's action.

Reference: https://timesofindia.indiatimes.com/.../107304169.cms

Here’s an update regarding the same from PayTM, https://www.paytmmoney.com/blog/rbis...t-paytm-money/

[ToThePoint]

Originally Posted by KL01toKA03

Is there any impact on PayTM Money? I use that for investing in mutual funds.

https://www.paytmmoney.com/blog/rbis...t-paytm-money/

[Ibanez_70]

Heard this news yesterday night just before going to sleep and then I could not go to sleep for quite a while. I heavily used Paytm for all day to day UPI transactions, had an emergency fund (which itself required emergency withdrawal yesterday) in Paytm bank account in case all my cards stopped working, used their RuPay debit card, Paytm fastag for both of my cars and guess what I had a lot of Paytm shares bought when it was at Rs 1550. I saw this as future Paypal of India. A big loss for me and everyone else who was used to the smooth functioning Paytm app.

Now I am expecting Jio Financial will be very keen on acquiring Paytm (or one97 maybe?).

[Sheel]

Originally Posted by sumeethaldankar

There is a "transfer to bank" option in the Paytm app. I just transferred my remaining 35 Rs in the Paytm wallet back to my bank with no fees charged. Kindly check in the wallet section.

Originally Posted by DigitalOne

App does not allow screenshots, so couldn't take any. But it is normal steps. From the Home screen --> Wallet --> Transfer to Bank. It is possible that you don't see this option because you may not have linked a bank account for UPI purpose. I have two bank accounts (ICICI and IDFC) linked for UPI.

Thanks Guys!

Apparently, I have to undergo a KYC. Won't bother and will pay for utilities this month with the balance.

FasTag is a headache, but I will wait for more certainty on this, but I believe, PayTM is just an aggregator / vendor and we will be able to make the recharge with any other UPI, will miss the auto-debit I think.

[ValarMorghulis]

Originally Posted by NomadSK

Experts, Is this possible a playing field is being prepared for Jiofin. Damn this brain has stopped trusting anything with the present dispensation. Seems equivalent to digital demonetization.

Are you pals with my friend who was suggesting a similar theory in our WhatsApp group?

I'll tell you the same thing I told him: PayTm is 3rd largest in UPI market. The first two are much more poised to capture that market than a new player.
Plus JioPay is not even a significant player in this market.
This is similar to alleging that an action against Whatsapp is to benefit JioChat

However, per latest NPCI data, PhonePe accounted for 46 per cent of UPI transaction volumes in October 2023, Google Pay for 36 per cent, and Paytm another 13 per cent

[Everlearner]

The easiest way to exhaust your paytm balance is to pay a credit card bill. I did the same retaining a couple of hundred in wallet for fastag.

Of the main wallet balance is 0, will we be able to pay toll from the Rs.150 min balance in fastag?

[robincsamuel]

Originally Posted by Everlearner

Of the main wallet balance is 0, will we be able to pay toll from the Rs.150 min balance in fastag?

Yes, it’s more like a reserve. I’ve used it once and refilled back.

[ArTigor]

This is really concerning now.
I am one of those Paytm customers who heavily rely on the Paytm ecosystem as everything from my Fastag, Metro ticket purchases, UPI ID, all Bill payments, everything is done from my Paytm wallet.
Have been using paytm since 2014, and absolutely loved it for its interface. It is one of the less cluttered one and rather more user friendly app than Phonepe. Paytm wallet is very useful for transfers to paytm QR based transactions, the reason being, payments form the wallet have never failed. There have been instances where my Gpay payment has failed, but at the same time when attempting payment via paytm, it has instant success.
It is really bad if they have not complied with the regulating agencies.
I do understand that the impact is only on paytm payments bank and wallet related operations, but still at the same time I really want the platform to somehow wade through this, pay up the penalties, bring in the regulatory changes and move on.

[Venkatesh]

Update: Paytm Payments Bank Limited, an associate of Paytm receives RBI directions. Paytm to expand its existing relationships with leading third-party banks to distribute payments and financial services products.

[saket77]

Originally Posted by Everlearner

The easiest way to exhaust your paytm balance is to pay a credit card bill. I did the same retaining a couple of hundred in wallet for fastag.

Of the main wallet balance is 0, will we be able to pay toll from the Rs.150 min balance in fastag?

Don't think so. Once back in the day, I entered a toll having 120 or 130 bucks in my Fastag and received an error saying low balance. The tax was ~ Rs.60 IIRC (due to same day return). I couldn't recharge on the spot as the gentleman behind my car started honking like crazy. I paid double the toll in cash and moved. Just a check in the rear view and saw the gentleman stuck in the toll for quite some time until he vanished in my rear view.