RBI implement restrictions on Paytm Payments Bank for non compliance of regulations

[manu1991]

They should have kept the wallet and UPI business separate from the bank and lending products. Instead of trying to create a super app for everything.
There is a reason banks have to hire hundreds of people working in legal, risk and compliance teams. There is a lot of work needed in this area to comply with all of RBI rules.

Plus their customer support is non-existent. I wanted to cancel my postpaid account but gave up trying to contact a human in cc.

 

[MeanMachine]

Will Paytm FASTags stop working after 29th of February?

Paytm | Reserve Bank of India stops Paytm Payments Bank from accepting deposits after February 29 - Telegraph India

 

[Sushubh]

as of now, yes. i mean existing balance should work. but new balance isn't going to be allowed.

 

[anmolbhard004]

bhai mat bolo mera ek fastag hai inse.

I think this was the reason their debit card was stopped for international transactions.

adding balance was very easy.

 

[Trex]

tf, just last year got their fastag. Also have 200k+ in saving a/c, should I withdraw it?

 

[Sushubh]

i suppose. keep enough funds for a few months in fastag. and move funds from bank account to another account just to be safe. Paytm is too big to be just blocked from accepting fresh payments for any period of time. they have a month to fix this mess so enough time to decide in any case.

i am not going to put in funds in paytm upi lite though this month. would move to Google Pay probably.

 

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[Trex]

I ditched Google Pay a year back and started using Paytm as gpay had higher UPI failure rate for me. But I think I should move back to other platform.

 

[Sushubh]

what other option is there? i was happy with samsung pay but they still haven't fixed the problem with qr code scanner on Exynos devices from my understanding. PhonePe ui is too messy. Amazon qr code scanner is too slow to load lol. honestly, i am surprised that most people around here at shops seem to use Google Pay over other apps.

ooo. samsung pay scanner seems to work now. not sure if the app got updated in background or the jan security update i got few days ago had the fix for it. would probably continue using it as iirc it does support upi lite.

sadly the problem with samsung wallet is that people do not recognize the payment screen and are suspicious if you are not a regular and they do not have a voice box lol.

 

[Trex]

I have used both PhonePe and Google Pay extensively. For me phonepe give better successful transaction rate then gpay. In terms of Ui I have opposite openion.

Have no clue about Samsung pay as it is for Samsung exclusive devices.

Other than these there are bank apps. I wonder why often people don't prefer them.

 

[Sushubh]

haha. to login to bank apps... is a special hell hole in itself. icici imobile for instance takes like 3-4 seconds just to show the login page. some banks app do have qr code scanner on the main page. some have dedicated apps for upi payments iirc... but i am guessing experience is going to be pretty bad. i do see older people using bank apps to pay using upi at stores though. mostly government banks. some people use bhim. it's crazy how varied the choices are.