they will partner with 3rd party banks before 29th , they have a uphill task to replace all the qr codes of merchants that are powered by paytm payments bank.
Peeps using PayTM, where are you planning on migrating to?
- Thread starter altair21
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tearphones
Explorer
Does anyone know the specifics of what rules PayTM Payments Bank broke? I used PayTM wallet, and I'm wondering what nefarious things they were up to. All I have read so far is something vague like "did not comply with RBI rules", but which rules, exactly?
Likewise.
Even I am waiting till the end of the month and see what is done since my FastTag also PayTM. I have a lot of balance in it, as well. I guess that will still be usable.
From what I know, KYC for new customers was not done properly. Multiple accounts (more than 1K) were linked to one PAN, and information was being sent to servers outside of India.
Emperor
Herald
1,000 Accounts linked to 1 PAN and more ...
Read more at:
http://timesofindia.indiatimes.com/...ofinterest&utm_medium=text&utm_campaign=cppst
rsaeon
Guide
That hasn't been disclosed as far as I know, but some are speculating there's a lax in KYC where a single pan card was used to open a few hundred accounts and others are saying RBI insisted on different apps for banking vs upi/wallet.
Could be just a power play with the current government demanding fealty before the elections — otherwise the CEO wouldn't have been granted an audience with the FM.
The way that meeting went could be interpreted along the lines of “not enough, come back with more" with regards to concessions/appeasement/other-non-incriminating-terms-for-moolah.
I guess we'll only know for sure on March 1st.
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honest1
Guide
The next best is Amazon Fasttag. However, as I mentioned, will wait for a week or so to decide further.
i was using paytm bank account for all the small upi transactions related groceries, local shops... usually have max of 10K balance in that. also paytm fastag. Now moving to ICICI fastag, in fact i already have that too, got it for HP Pay. Have one old Kotak 811 bank account, got couple years before when there was free screen insurance offer for oneplus phone. Now moved to that for all the local shop related transactions.
transform878
Contributor
Any advantages of airtel pay?
There is jupiter which is a neobank, really good but not fast for a UPI app.
There is jupiter which is a neobank, really good but not fast for a UPI app.
any source for this? I would really rather hold on to PayTM's fastag if they will continue to work
honest1
Guide
RBI to approach NHAI, NPCI to discuss alternate plans for Paytm Payments Bank users: Report
In its notice to Paytm Payments Bank, the central bank has directed it not to accept top-ups or deposits in any customer accounts including wallets, FASTags, and other instruments after February 29
samavery42
Beginner
I have a question if someone has the answer.
What will happen to the Paytm machine that takes cards & shit. Bought it for 12k 2 years ago with lifetime free. Linked bank account is definitely different than paytm banks, but the settlement is done the next day of payment. So, will it work?
What will happen to the Paytm machine that takes cards & shit. Bought it for 12k 2 years ago with lifetime free. Linked bank account is definitely different than paytm banks, but the settlement is done the next day of payment. So, will it work?
regardless, it wont be ideal to continue using paytm.
its sad, paytm gone his way and second best phonePe is just became an ad-wall and selling beting app.
any UPI app which is plain and simple UPI, like just scan code and pay money only type ?
its sad, paytm gone his way and second best phonePe is just became an ad-wall and selling beting app.
any UPI app which is plain and simple UPI, like just scan code and pay money only type ?
Bhim ?
I used it a long time ago before moving to PayTM. No idea how it is now.
transform878
Contributor
Its good but startup is slower than gpay, paytm etc.
used it long back as well. when started it was good that time.
its hard to trust any govt brewed apps because they dont have any accountability and always on denial mode. https://en.wikipedia.org/wiki/BHIM#Security
but yes, looks like that is the way forward.
gpay is the worst out of all option available.
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Emperor
Herald
BHIM
transform878
Contributor
why?
"In the RBI, individuals responsible for making decisions and handling calls are typically around 60 years old. They have experience managing a system of banks. However, there seems to be a lack of trust in a 40-year-old individual, especially if they are considered a Maverick, to run a core system," he said.
www.livemint.com
With this kind of attitude and the kind of errors they did (heard that, people were using one PAN card linked to multiple accounts to subscribe to IPOs, manipulating, etc.), they will be on tenterhooks with RBI /govt. leadership. Also, tooting startup horn too much, international credibility, etc., govt. should keep these kind of hardball players tough on their own game than yielding to threaten-begging for benefit of people.
timesofindia.indiatimes.com
Better to have multiple options similar to paytm, only if BHIM could become more better in dealing with.
Ashneer Grover on Paytm Payments Bank Crisis: 60-year-olds running RBI do not...
Ashneer Grover, Founder of BharatPe criticised the RBI for 'punitive action' against Paytm Payments Bank, calling it an 'overreach' that sends the message that banks are important but fintechs are not.
www.livemint.com
With this kind of attitude and the kind of errors they did (heard that, people were using one PAN card linked to multiple accounts to subscribe to IPOs, manipulating, etc.), they will be on tenterhooks with RBI /govt. leadership. Also, tooting startup horn too much, international credibility, etc., govt. should keep these kind of hardball players tough on their own game than yielding to threaten-begging for benefit of people.
Ashneer Grover on Paytm Crisis: Sad Day for Startups in India, Says 60 Year Olds at RBI Lack Trust | - Times of India
Ashneer Grover, founder of BharatPe, defends Paytm in the RBI crisis. He criticizes the lack of trust in young entrepreneurs and highlights the importance of startups in India's economy. Read more on this sad day for the startup community.
timesofindia.indiatimes.com
Better to have multiple options similar to paytm, only if BHIM could become more better in dealing with.
honest1
Guide
I am not taking him seriously. He can have his own perpective, but RBI is one of the best and well managed Central Banks across the world."In the RBI, individuals responsible for making decisions and handling calls are typically around 60 years old. They have experience managing a system of banks. However, there seems to be a lack of trust in a 40-year-old individual, especially if they are considered a Maverick, to run a core system," he said.
Ashneer Grover on Paytm Payments Bank Crisis: 60-year-olds running RBI do not...
Ashneer Grover, Founder of BharatPe criticised the RBI for 'punitive action' against Paytm Payments Bank, calling it an 'overreach' that sends the message that banks are important but fintechs are not.
With this kind of attitude and the kind of errors they did (heard that, people were using one PAN card linked to multiple accounts to subscribe to IPOs, manipulating, etc.), they will be on tenterhooks with RBI /govt. leadership. Also, tooting startup horn too much, international credibility, etc., govt. should keep these kind of hardball players tough on their own game than yielding to threaten-begging for benefit of people.
Ashneer Grover on Paytm Crisis: Sad Day for Startups in India, Says 60 Year Olds at RBI Lack Trust | - Times of India
Ashneer Grover, founder of BharatPe, defends Paytm in the RBI crisis. He criticizes the lack of trust in young entrepreneurs and highlights the importance of startups in India's economy. Read more on this sad day for the startup community.
Better to have multiple options similar to paytm, only if BHIM could become more better in dealing with.
There are many things which he might not be aware about the lapses and I dont think that RBI would have done this, without knowing the far reaching implications !!!
There are voices against the whole UPI marked is skewed in favour of foreign players and there are concerns for the same.