Peeps using PayTM, where are you planning on migrating to?

altair21

Disciple
Basically, the title, with RBI coming down hard on PayTM, I have lost all confidence in PayTM despite their assurances that they will partner with other banks to provide services as usual. My father used it primarily as as All-in-one solution and I am looking at a replacement for him. He primarily used it for Recharges/FasTag/UPI. So what are y'all migrating towards and are there any recommendations for my father? My main concern is fastag use, PayTM had nil fees on recharges etc and afaik none of the other banks are offering the same. They all have some kind of fees for it.
 
I personally have one foot in Amazon Pay and have the Amazon ICICI Card so will jump to there. They have Fastag as well -

Amazon Pay ICICI FASTag - Amazon Customer Service

Frequently Asked Questions regarding Amazon Pay ICICI FASTagTo view the below information in your preferred regional language, click the link:English, हिन्दी (Hindi), தமிழ் (Tamil), తెలుగు (Telugu), ಕನ್ನಡ (Kannada, മലയാളം (Malayalam, मराठी (Marathi), বাংলা (Bengali).
www.amazon.in
Only problem is Merchant coverage for their wallet. But PayTM UPI will continue to work, so that's there.
 
ibose said:
I personally have one foot in Amazon Pay and have the Amazon ICICI Card so will jump to there. They have Fastag as well -

Amazon Pay ICICI FASTag - Amazon Customer Service

Frequently Asked Questions regarding Amazon Pay ICICI FASTagTo view the below information in your preferred regional language, click the link:English, हिन्दी (Hindi), தமிழ் (Tamil), తెలుగు (Telugu), ಕನ್ನಡ (Kannada, മലയാളം (Malayalam, मराठी (Marathi), বাংলা (Bengali).
www.amazon.in
Only problem is Merchant coverage for their wallet. But PayTM UPI will continue to work, so that's there.
Click to expand...
does it need an ICICI bank account? they havent specified this, but yeah Amazon will work out better, I can easily manage this for him.
Only problem is Merchant coverage for their wallet. But PayTM UPI will continue to work, so that's there.
Click to expand...
I'll just move him over to GPay for UPI, this is what the rest of the family uses, plus I have lost all confidence in PayTM and knowing my father he'll migrate once but will absolutely refuse to do it twice unless he's forced to, so its better that I just move him off of PayTM altogether.

P.S, has there been any changes in the RBI ruling? because afaik everything will be stopped after 29 Feb, and payTM is planning on partnering with other banks to circumvent this.
 
altair21 said:
P.S, has there been any changes in the RBI ruling? because afaik everything will be stopped after 29 Feb, and payTM is planning on partnering with other banks to circumvent this
Click to expand...
Afaik, crediting to your PayTM wallet and your Paytm Payments Bank will stop working. Withdrawal and Utilisation of any existing balance for all services will continue to work. UPI will continue to work as long as it does not involve the PayTM payments Bank.
Paytm is trying to replace their Payments Bank with others.
 
What about Airtel Payments Bank? I've been keeping an eye on it since the news.
 
I'm skeptical they'll actually follow through on this, but Airtel is probably the closest alternative.
 
mantheman said:
Just an alternative for Paytm where the major focus is 'everything online'.
Click to expand...
Yes, of course it is an alternative.
But personally I would prefer managing with what is already available with me rather than having to go through the rigmarole of KYC for another service.
 
Over the years I have found paytm to be far better and more streamlined, very few glitches and extremely fast..
As far as my understanding goes, upi will remain functional if added with any other bank other than the paytm payments bank...
So I ll stick to it as I don't use the wallet ever, not even paytm but any other service so it would be same as before for me
 
Last edited:
The problem with the current situation is that, paytm will be just another gpay app without its payments bank.
 
JMak said:
Over the years I have found paytm to be far better and more streamlined, very few glitches and extremely fast..
Click to expand...
+1
JMak said:
As far as my understanding goes, upi will remain functional if added with any other bank other than the paytm payments bank...
Click to expand...
100% correct. Everything except the wallets will continue to work as is. Only credits to the wallet are disabled beginning from March. Debits will work exactly as they did.
JMak said:
I don't use the wallet ever
Click to expand...
I did. And I got some actual cashback as well. I really didn't want this wallet thing to end. Very convenient in specific scenarios and it never failed me once.
mantheman said:
The problem with the current situation is that, paytm will be just another gpay app without its payments bank.
Click to expand...
Exactly. Everything except the wallet will work flawlessly as they did. The correct way to end all speculations and theories is to have a look at PayTM's update on this: https://paytm.com/important-updates
ibose said:
But personally I would prefer managing with what is already available with me rather than having to go through the rigmarole of KYC for another service.
Click to expand...
I never had to go through the hassle of KYC for my PayTM account. But that's me, using it for very specific scenarios.
 
rootyme said:
I never had to go through the hassle of KYC for my PayTM account. But that's me, using it for very specific scenarios.
Click to expand...
I recall there was a mandate from RBI to get KYC done beyond a wallet balance but I was specifically referring to the scenario that if you move to another Payments Bank. I don't think they allow opening an account without any KYC. Violation of KYC norms is what put the PayTM Payments Bank in the current situation.
For me, the wallet is convenient for Ola/Uber payments. Amazon will do just fine. For other merchants, UPI is just fine.
 
Following the topic....
My brother have a PayTM bank account and thats how he was using UPI, would like to know next step and where the majority of the people migrating to.
 
following.. my only concern is migrating paytm fastag to some other provider now.
 
ibose said:
I personally have one foot in Amazon Pay and have the Amazon ICICI Card so will jump to there. They have Fastag as well -

Amazon Pay ICICI FASTag - Amazon Customer Service

Frequently Asked Questions regarding Amazon Pay ICICI FASTagTo view the below information in your preferred regional language, click the link:English, हिन्दी (Hindi), தமிழ் (Tamil), తెలుగు (Telugu), ಕನ್ನಡ (Kannada, മലയാളം (Malayalam, मराठी (Marathi), বাংলা (Bengali).
www.amazon.in
Only problem is Merchant coverage for their wallet. But PayTM UPI will continue to work, so that's there.
Click to expand...
How do you actually use it though, amazon app is too heavy amd takes lot of time to load the interface.
 
Gpay works well for all these usecases. Since I already "donated" all my data to Google anyway due to using google services and android, I never used Paytm. Gpay since the beginning.
 
KA_20 said:
How do you actually use it though, amazon app is too heavy amd takes lot of time to load the interface.
Click to expand...
Use what ? Amazon Pay wallet ? I just load it and it gets automatically deducted in the apps like Uber/Ola wherever it's linked. I don't actually need to even open the Amazon app. I would expect the Fastag to work similarly.
The Amazon app works fine for me otherwise, no lags, etc.
dexterz said:
my only concern is migrating paytm fastag to some other provider now
Click to expand...
Unfortunately the only process you can migrate is to close the PayTM Fastag, peel off the sticker (bigger PITA), get a new one from somewhere else, and paste that.
I am waiting to see if they can continue it and will decide towards the end the month.
 
Last edited:
I haven't yet bought any fast tag yet and have heard paytm was the most hassle-free one having almost nil failure rates compared to banks which go haywire during long weekends giving banks server busy issues on toll booths!
So whats the next best one to go for?