Team-BHP - PayTM FASTag: Are you keeping it or ditching it?

Hello, fellow BHPians, especially fellow Paytm Fastag holders,

I am sure many of us are in the same boat, unsure of what to make of the Paytm saga, even as many might have moved on.

Hence the reason for this poll, to get a rough idea about which tag current Paytm Fastag users prefer to switch to.

I would highly appreciate if those responding to the poll could also add the reason for going with the particular option (eg. is it just because you have an existing bank account/relationship, or is it customer service, or is it wallet-based so as to keep bank separate).

My reason to go with Paytm earlier was, it is wallet-based and I could recharge whenever I had travel planned. I wasn’t comfortable linking my bank to Fastag.

Thanks in advance for your responses. Will really help me decide which direction to take.

I believe PayTM fastag should work seamlessly even after feb 29th. Only restriction is that we wouldn't be able to add money to PayTM wallet post Feb 29th.

Hence I've added another 5K to the payTM wallet so that the fastag can be used without worrying about the money running out from the wallet for a considerable time post Feb 29th.

I hope that in a couple of months, the contentious PayTM payments bank would get disassociated from the PayTM app and a new UPI vendor/bank would be associated with PayTM app and help restore PayTM app to green zone by the regulators.

Quote:

Originally Posted by for_cars1 (Post 5716820)

But I am hearing that they dont have approval yet for third party transactions.

Check this thread:

Quote:

Originally Posted by Turbo_Charger (Post 5716500)

Here's an update on the Paytm Saga. Things don't look rosy for the company as a whole. There are doubts if UPI will continue to work post February 29 on Paytm App because their UPI is linked to Paytm Payments Bank and they don't have neither an alternative bank nor a Third Party License to onboard another bank in future.

Attachment 2571356

Source

Quote:

Originally Posted by Samba (Post 5716834)

I initiated the closure for my Paytm FASTag on 1st Feb. On 9th Feb, I got the security deposit credited back to my wallet.
Once the Paytm FASTtag got closed, I applied for the ICICI bank FASTag, and it immediately got activated.

Thanks Samba.

ICICI because of banking relationships or you heard good feedback?

I too initiated the closure of my Paytm fastag today. Will get one from ICICI after it is is closed.

Instead of paytm transferring my tag to another bank gateway (no idea which one will be that and will they be successful in doing so or not). It's better to decide myself which bank fastag I want.

Quote:

Originally Posted by mukeshgoel (Post 5716945)

Any particular reason why ICICI?

Seems most people are preferring ICICI. (Atleast the current trend)

Quote:

Originally Posted by SideView (Post 5716957)

Any particular reason why ICICI?

I am an ICICI Bank customer since 2002 and have used ICICI fastag in past.

I had no problems with ICICI fastag but shifted to paytm because of wallet use. I didn't want to keep my money blocked in ICICI fastag account for my occasional use.

So, I think ICICI is best option for me. Paytm fastag, even if it works in future, will be without wallet option.

I am retaining Paytm. In fact I have doubled down on it with an immediate 15k recharge when the RBI action was announced.

I simply can't afford to have my Fastag not working because of low balance for the next several months. In this period I expect to have more clarity, and if switching is required I'll take a call then.

But it will not be ICICI because of bad past experience with that group - I don't give them any business. Most likely it will be Equitas, which many people have recommended. But I don't expect to take this decision immediately.

Already applied for cancellation of Paytm fastag. I had applied on 01/02/2024 and got message that it will go inactive with balance refund within 7 working days. Already they are over their specified timeline, the Fastag is yet to go inactive.

The customer service is equally hopeless and useless.

To put it straight, for me any such entity dealing in finances needs to have a clean, unblemished, transparent and untainted image. Though the RBI has repeatedly clarified that the regulatory action is on the Paytm's Banking activities and not on the Paytm App, its preferable to changeover from this entity to any reputed service provider, from the ones in the list.

The aggravation of regulatory action on Paytm by the RBI was due to non compliance of RBI guidelines that were flouted by the payments bank. Large scale KYC violations had come to the fore, leading to money laundering concerns. They submitted false compliance reports and there were concerns of transparency as will be evident in the newslink below. I will prefer to bid goodbye to such a service provider.

Quote:

Large-scale KYC violations, leading to money-laundering concerns, had prompted the RBI to clamp down on the Vijay Shekhar Sharma-led firm, sources had told Business Standard last week. There were other concerns too, such as not maintaining an arm’s length with the promoter group (One97 Communications), not disclosing payments to promoters, false submissions of compliance, and an overall sense of complete disregard for compliance and transparency.

The link:-
https://www.business-standard.com/co...0801641_1.html

Quote:

Originally Posted by Samba (Post 5716834)

Initially when I got PayTM Fastag, they took 500 INR. RFID tag was 100, Blocked money in wallet was 150 INR and there was a security deposit of 250 INR (Don't know where it is accounted) . Now on closure, what happens on refund? Is the 150 gets unblocked and comes to main wallet as well 250 INR refunded to wallet? Second time, I got Fastag, they charged 350 INR only but out of which 250 INR become blocked balance and no concept of security deposit.

Voted for holding onto PayTM as I am in wait and watch mode hoping against hope that there will be backend transfer of PayTM Fastag to another provider (it will be chaos in toll plazas if people can't top up from 1 March) so that I don't have to do this drama of tag removal, KYC, Tag pasting non sense again in my cars. Or at least I expect restricted top up and utilization to Fastag only may be with Re KYC becoming a possibility with elections round the corner (still crippling account deposits of PayTM payments bank).