FASTag is an electronic toll collection system in India operated by the NHAI.
Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel.
On January 31, the Reserve Bank of India directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29.
However, any interest, cashback, or refunds may be credited back to customers at any time.
“No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashback, or refunds which may be credited anytime,” the RBI said.
RBI said that the regulatory action is against Paytm Payment Bank Ltd and the Paytm App will not be impacted by it.
There are several queries about the use of Paytm FASTag by highway users. Existing Paytm FASTags with a balance on February 29, 2024, can still work until the balance is depleted. However, no further transactions or top-ups are possible.
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Is Paytm FASTag Closed?
IHMCL has advised highway users to buy FASTags from 32 authorised banks barring Paytm Payments Bank. Earlier, IHMCL in a letter dated January 19, 2024 had barred Paytm Payments Bank from issuing fresh FASTags. Existing Paytm FASTags with a balance on February 29, 2024, can still be used until the balance is depleted.
Is Paytm FASTag Still Working?
Customers are allowed to use the balance from other accounts, including savings bank accounts, current accounts, prepaid products, FASTag and National Common Mobility Card, until the balance is available. RBI has allowed Paytm FASTag users to use their balances but they cannot load these wallets with more money after February 29.
How To Cancel Paytm FASTag?
You can deactivate Paytm FASTag, however, you cannot reactivate the same FASTag again. Check the steps below;
1. Login to the FASTag Paytm Portal. In this, one will have to enter the user ID, wallet ID and password.
2. Now the FASTag number, registered mobile number and many other details required for verification will have to be entered.
3. Scroll down the page and click on the Help & Support option.
4. Now, ‘Need Help With Non-Order Related Queries?’ Tap On.
5. After this, select the option Queries Related to Updating FASTag Profile.
6. Here, one has to select the option I Want to Close My FASTag and follow the further steps.
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Paytm FASTag Transfer
How Do I Transfer Paytm FASTag To Other FASTag?
This direct transfer is not possible. You need to contact a new FASTag issuer (e.g., HDFC, ICICI) to purchase a new tag and transfer your vehicle registration details.
FASTag cannot be transferred to the other party. If you are not going to use the registered vehicle anymore, you need to ensure the FASTag that you used for the vehicle is closed.
Paytm FASTag Login
Login to the FASTag Paytm Portal. In this, one will have to enter the user ID, wallet ID and password.
Paytm Customer Care Number
Customer care numbers of Paytm 0120-4456456, 0120- 4770770
Paytm FASTag Customer Care Number
A user can call at 1800-120-4210 and mention the mobile number against which the tag has been registered along with the Vehicle Registration Number (VRN) or Tag ID.
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Best FASTag Service Provider In India
Users have a long list of choices to buy a FASTag. You can purchase a FASTag from 32 authorised banks.
The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.
The banks authorised for issuing FASTags also include Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, Saraswat Bank, Nagpur Nagrik Sahkari Bank, Kotak Mahindra Bank, Karur Vyasya Bank, J&K Bank, IndusInd Bank, Indian Bank, IDFC First Bank, FINO Bank, Equitable Small Finance Bank, Cosmos Bank, City Union Bank Ltd, Central Bank of India, Canara Bank, Bank of Maharashtra, AU Small Finance Bank, and Axis Bank.
Paytm Payments Bank Has Around 30 per cent Market Share
A senior NHAI official told PTI that India has over 8 crore FASTag users and Paytm Payments Bank (PPBL) has around 30 per cent market share.
No Restrictions On Withdrawal
Withdrawal or utilisation of balances by Paytm Bank customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards are to be permitted without any restrictions, up to their available balance.
No other banking services, other than those, like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after February 29, 2024.
The direction followed persistent non-compliances and continued material supervisory concerns, the RBI had said in a statement.
IHMCL has said it is encouraging FASTag users to complete the ‘Know Your Customer’ (KYC) process of their latest FASTag as per RBI guidelines.
FASTag is an electronic toll collection system in India operated by the NHAI. It employs Radio Frequency Identification (RFID) technology to allow toll payments directly from the linked bank accounts.
