Retain Paytm FASTag for now or get a new one from a different bank

I wasn't comfortable linking my bank account to my FASTag so I opted for Paytm FASTag because it is wallet-based.

BHPian SideView recently shared this with other enthusiasts.

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 post is to get a rough idea about which tag current Paytm Fastag users prefer to switch to.

I would highly appreciate it if those responding to the post 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 for going with Paytm earlier was that 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.

Here's what BHPian for_cars1 had to say about the matter:

I believe PayTM fastag should work seamlessly even after Feb 29th. Only restriction is that we wouldn't be able to add money to the 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 the green zone by the regulators.

Here's what BHPian Samba had to say about the matter:

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 was closed, I applied for the ICICI bank FASTag, and it immediately got activated.

Here's what BHPian mukeshgoel had to say about the matter:

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

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

Here's what BHPian binand had to say about the matter:

I am retaining Paytm. In fact, I 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 my 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.

Here's what BHPian sameerg had to say about the matter:

Holding on to PayTm.

One convenience of Paytm has been a common balance for multiple tags. I don't need to recharge each tag as whichever tag goes through a toll, auto-debits the common wallet balance. This gives the benefit of auto top-up without exposing your bank account.

I am not sure if any other provider gives a similar feature. For now, I am topping up my Paytm wallet with 5k, which should push my decision-making window by a few months.

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