Team-BHP > Street Experiences


View Poll Results: Which fasttag are you shifting to?
Holding on to paytm until I get clarity. 185 59.68%
HDFC 23 7.42%
ICICI 67 21.61%
AXIS 7 2.26%
Other 28 9.03%
Voters: 310. You may not vote on this poll

Reply
  Search this Thread
43,226 views
Old 10th February 2024, 23:00   #1
BHPian
 
Join Date: Jun 2019
Location: Bengaluru
Posts: 602
Thanked: 1,660 Times
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.

Last edited by libranof1987 : 11th February 2024 at 17:01. Reason: Post formatting
SideView is online now   (10) Thanks
Old 11th February 2024, 00:45   #2
Senior - BHPian
 
Join Date: Mar 2007
Location: Bangalore
Posts: 1,213
Thanked: 2,799 Times
re: PayTM FASTag: Are you keeping it or ditching it?

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.

Last edited by for_cars1 : 11th February 2024 at 01:02.
for_cars1 is online now   (7) Thanks
Old 11th February 2024, 01:56   #3
Distinguished - BHPian
 
Samba's Avatar
 
Join Date: Apr 2013
Location: Kolkata
Posts: 2,171
Thanked: 25,337 Times
re: PayTM FASTag: Are you keeping it or ditching it?

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.

Last edited by Samba : 11th February 2024 at 02:00.
Samba is offline   (10) Thanks
Old 11th February 2024, 11:10   #4
BHPian
 
Join Date: Jun 2019
Location: Bengaluru
Posts: 602
Thanked: 1,660 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

Quote:
Originally Posted by for_cars1 View Post
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.
But I am hearing that they dont have approval yet for third party transactions.

Check this thread:

Quote:
Originally Posted by Turbo_Charger View Post
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 View Post
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?
SideView is online now  
Old 11th February 2024, 11:32   #5
Senior - BHPian
 
mukeshgoel's Avatar
 
Join Date: Sep 2008
Location: Gurgaon
Posts: 1,229
Thanked: 2,116 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

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.
mukeshgoel is offline   (2) Thanks
Old 11th February 2024, 11:56   #6
BHPian
 
Join Date: Jun 2019
Location: Bengaluru
Posts: 602
Thanked: 1,660 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

Quote:
Originally Posted by mukeshgoel View Post
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.
Any particular reason why ICICI?


Seems most people are preferring ICICI. (Atleast the current trend)
SideView is online now  
Old 11th February 2024, 12:10   #7
Senior - BHPian
 
mukeshgoel's Avatar
 
Join Date: Sep 2008
Location: Gurgaon
Posts: 1,229
Thanked: 2,116 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

Quote:
Originally Posted by SideView View Post
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.

Last edited by mukeshgoel : 11th February 2024 at 12:11.
mukeshgoel is offline   (2) Thanks
Old 11th February 2024, 12:15   #8
BHPian
 
Oppanna's Avatar
 
Join Date: Apr 2023
Location: KA05
Posts: 123
Thanked: 277 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

I Initiated the closure of PayTM fastag on 1st February 2024 and yet to receive the refund. On 2nd February I went to a nearby toll plaza and picked up IDFC Fastag and it was activated in 15 mins.

Used on the drive next day and worked flawlessly.
Oppanna is offline   (1) Thanks
Old 11th February 2024, 12:26   #9
BHPian
 
greyhound82's Avatar
 
Join Date: Aug 2020
Location: DL-TVM-TIR
Posts: 374
Thanked: 1,595 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

ICICI bank online portal is not supporting BH registration. It needs 10 digit license plate number.
greyhound82 is online now   (1) Thanks
Old 11th February 2024, 12:48   #10
BHPian
 
Join Date: Jul 2020
Location: Delhi
Posts: 121
Thanked: 313 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

Quote:
Originally Posted by Oppanna View Post
I Initiated the closure of PayTM fastag on 1st February 2024 and yet to receive the refund.
Would you mind telling how to initiate closure of PayTM fastag, I could not find any such option on app.
cryptarchy is offline  
Old 11th February 2024, 13:16   #11
Senior - BHPian
 
mukeshgoel's Avatar
 
Join Date: Sep 2008
Location: Gurgaon
Posts: 1,229
Thanked: 2,116 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

Quote:
Originally Posted by cryptarchy View Post
Would you mind telling how to initiate closure of PayTM fastag, I could not find any such option on app.
Click on this link from your mobile browser.

https://m.paytm.me/tclo
mukeshgoel is offline   (8) Thanks
Old 11th February 2024, 13:19   #12
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 3,502
Thanked: 5,371 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

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.

Last edited by Axe77 : 13th February 2024 at 04:47. Reason: Minor typo.
binand is offline   (11) Thanks
Old 11th February 2024, 16:31   #13
MSC
BHPian
 
MSC's Avatar
 
Join Date: Mar 2015
Location: HP/33
Posts: 294
Thanked: 958 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

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.

Last edited by Axe77 : 13th February 2024 at 04:48.
MSC is offline   (2) Thanks
Old 11th February 2024, 17:31   #14
Distinguished - BHPian
 
anjan_c2007's Avatar
 
Join Date: Jul 2008
Location: India
Posts: 8,184
Thanked: 19,943 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

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

Last edited by anjan_c2007 : 11th February 2024 at 17:33.
anjan_c2007 is offline   (4) Thanks
Old 11th February 2024, 18:21   #15
BHPian
 
Join Date: Feb 2022
Location: Chennai
Posts: 550
Thanked: 2,718 Times
Re: PayTM FASTag: Are you keeping it or ditching it?

Quote:
Originally Posted by Samba View Post
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.
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).
thanixravindran is offline   (2) Thanks
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2024, Team-BHP.com
Proudly powered by E2E Networks