What happens to your Paytm wallet, Fastag? – Times of India

by The Technical Blogs

Paytm on Wednesday faced unprecedented action from RBI, which virtually put on hold services offered through Paytm Payments Bank starting March. While transfers and withdrawals are allowed, you will not be able to top up your wallet or Fastag, or deposit money in an account after Feb 29. TOI explains how RBI‘s action against Paytm will affect users…

Will UPI payments through Paytm be possible?
RBI’s actions are likely to affect those who have linked UPI to their Paytm Payments Bank account. Money can be transferred into a Paytm Payments Bank account until Feb 29, which can then be used until it runs out. However, if your UPI address is linked to other bank accounts, like SBI, or ICICI Bank, RBI’s action will not impact you.
Will merchants accept money via Paytm?
Merchants acquired by Paytm – those who receive money into a Paytm Payments Bank account – will not be able to accept payments as fresh credit into these accounts will not be permitted. However, many of them have other companies’ QR stickers, which will allow them to continue accepting digital payments.
What happens to your wallet balance?
The best option is to transfer wallet balance back to your bank account (free of cost). You can also use the funds lying there by paying electricity or phone bills until you exhaust the balance.
What about sub-wallets like food and fuel?
RBI has barred Paytm from accepting funds into any prepaid instruments, including NCMC (national common mobility cards) used in metros, and food, fuel wallets. While existing balance can be used, no fresh funds can be added after Feb 29.
What if you have a Fastag issued by Paytm?
Paytm Fastag users should purchase a new tag from other issuers and deactivate the existing one.
What about loans taken through Paytm?
Borrowers will have to continue to make their repayments as these loans are by third-party lenders and not Paytm. Failure to repay or any delay would impact their credit score.
What happens to stock, mutual fund services?
These services are regulated by Sebi and are not covered under RBI’s order. It is unclear whether Sebi will review their operations after RBI’s action.
What happens to Paytm’s payment gateway?
Some large government platforms have multiple payment gateways. Smaller entities may have to shift.

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