RBI’s Move Against Paytm fastag: What’s Next for FASTag Users?”

Following the recent regulatory actions by the Reserve Bank of India (RBI) against Paytm, various services, including Paytm FASTag, are expected to be impacted. The RBI has taken measures against Paytm Payments Bank, a subsidiary of Paytm’s parent company, One97 Communications. This action is anticipated to affect services operated under Paytm Payments Bank, such as the wallet, credit/loan, postpaid, and FASTag.

Impact on FASTag Services

Paytm offers FASTag services, a mandatory electronic toll collection system for four-wheelers that operates on radio frequency identification technology. This RFID tag, affixed to the windshield of vehicles, facilitates toll payments at plazas, reducing waiting times. While the recent RBI actions won’t result in the closure or ban of Paytm FASTag, there will be restrictions.

After February 29, Paytm FASTag users will be unable to initiate new recharges. However, existing balances can still be utilized without interruption. Paytm assures customers that it is actively collaborating with various banks to mitigate potential issues and emphasizes that customers can continue using their remaining balances seamlessly.

 

Options for Users

For users no longer wishing to use Paytm FASTag, there are options available:

  • Deactivation:
  • Log in to the Paytm app.
  • Navigate to the “Manage FASTag” option.
  • Select the FASTag linked to your number.
  • Go to the “Help and Support” option at the bottom.
  • Click on ‘Queries related to updating FASTag profile.’
  • Choose ‘I want to close my FASTag’ and follow the provided instructions.
  • Porting:
  • To port, contact the bank offering the FASTag service you intend to use.

By providing these options, Paytm aims to address customer concerns and ensure a smooth transition amid the regulatory changes.

 

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