PayTm is among the several banks which issue FASTags to vehicle owners. However, amid the recent crisis, the PayTm FASTags are unlikely to work after
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PayTm, one of India’s largest digital transaction platforms, is facing a major roadblock after the Reserve Bank of India flagged the PayTm Payments Bank for irregularities. The RBI has ordered the payments bank subsidiary of One 97 Communications to stop accepting fresh deposits in its accounts March this year. Among other things, the PayTm Payments Bank also issues FASTags to vehicle owners.
The National Highways Authority of India (NHAI) had earlier issued a deadline to complete KYC details of FASTag accounts. NHAI had said FASTags with valid balances but with incomplete KYC will be deactivated after the deadline as part of its One Vehicle, One FASTag initiative. It aims to discourage use of same FASTag for multiple vehicles. The last date to update KYC of FASTags is February 29.
Will PayTm FASTags keep working if KYC is done before the February 29 deadline? RBI’s recent decision has raised questions among vehicle owners whether PayTm FASTags will work at all given the restrictions imposed by the central bank. Here is all you need to know about the future of PayTm FASTags.
Will PayTm FASTags work after February 29?
The answer is both yes and no. Yes for those who have sufficient balance in their PayTm FASTag accounts. The restrictions on PayTm Payments Bank will mean you will not be able to recharge PayTm FASTags after February 29 deadline. The RBI has said that one will not be able to top up or recharge FASTags or PayTm wallets from March this year. The only hope for PAyTm FASTag users is a change in RBI’s decision to restrict use of the digital payment platform in coming days.
Can you port PayTm FASTag to other approved banks?
PayTm FASTags, or any FASTag, cannot be ported from one bank to another. The only way to avoid situation where you do not have a valid FASTag is to buy another one from the other authorised banks.
Should you buy FASTag from other banks to continue enjoying the service?
As of now, chances are slim that PayTm FASTags will work from March unless one has enough balance. Once that is exhausted, it is better to buy another FASTag from a different bank.
Also Read : How to update FASTag KYC and check status
How PayTm plans to protect its FASTag users
PayTm Payments Bank is currently in discussion to provide a solution to the ongoing crisis which is expected to hit its business hard from March. It is in talks with the central bank to find a way so that existing users are not affected. However, there has been not much headway in the talks so far.
Can you use PayTm to recharge FASTags by other banks?
It depends on how PayTm modifies its app. It currently offers a dedicated section for FASTags where one can recharge using the wallet or linked bank accounts. However, it is not clear yet if the feature will continue to allow top-ups through other banks. To be on a safer side, one can use other third-party apps like Google Pay and PhonePe to continue recharging FASTags.
First Published Date: 05 Feb 2024, 11:46 AM IST