PayTm FASTags: Future After February 29, Buy New?

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PayTm FASTags

PayTm FASTags: PayTm, a leading digital transaction platform in India, faces a challenge following regulatory concerns about its Payments Bank. With the Reserve Bank of India (RBI) directing the Payments Bank to halt fresh deposits from March onwards, uncertainties arise about the future of PayTm FASTags, a service that facilitates digital toll payments for vehicle owners.

The Situation with PayTm FASTags:

The Reserve Bank of India (RBI) has directed PayTm Payments Bank to halt fresh deposits, raising concerns about the future of PayTm FASTags. If you’ve completed your PayTm FASTags KYC before the February 29 deadline, your FASTag should continue to work as long as there’s a sufficient balance. However, after this date, recharging your PayTm FASTag may no longer be possible due to the restrictions imposed by the RBI.

PayTm FASTags

What Are Your Options?

Unfortunately, PayTm FASTags cannot be transferred to other banks. If you’re concerned about the functionality of your PayTm FASTags post-February, your best bet may be to obtain a FASTag from another authorized bank to ensure uninterrupted service.

PayTm FASTags Future

Paytm Payments Bank is actively seeking solutions to mitigate the impact of the crisis on its FASTag users. However, until a resolution is reached with the RBI, the future remains uncertain. Keep an eye on updates from PayTm regarding any changes or alternatives they may offer to support their FASTag users.

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PayTm FASTags

How to Close/Deactivate your Paytm FASTag?

  1. Deactivating Paytm FASTag via Paytm App
    Login to your Paytm account with the mobile number registered with FASTag
  2. Search (it is on the top) for ‘FASTag’
  3. Select ‘Manage FASTag’ (it is in the ‘Services’ section)
  4. All the Paytm FASTags associated with your number will be displayed along with the ‘ACTIVE’ mark. You will be able to deactivate 1 FASTag at a time so select any 1.
  5. Management options will be displayed, but you won’t find the ‘close FASTag’ option so press the back button (go back to the page as in the above step).
  6. Now, scroll to the bottom and select ‘Help & Support’.
  7. Your recent FASTag orders will be shown. At the bottom, select ‘Need help with non-order related queries’ (chatbot).
  8. 5-6 solutions will be displayed. Select ‘I want to close my FASTag’.
  9. Now, select your FASTag VRN (vehicle registration number) associated with your customer ID.
  10. You will see your Paytm FASTag status, vehicle class, and TSN after which the ‘Close FASTag’ button will appear. Click on it.
  11. A link will ask permission to open so select any browser (Chrome, Safari, etc.)
  12. Again it will ask to select the FASTag VRN so select it.
  13. Now, you need to select a reason for closing your Paytm FASTag from selling/sold a vehicle, lost/stolen/damaged, transferring the vehicle to a friend/relative, service-related issues, not in use, and others.
  14. Your genuine reason here will be ‘service-related issues with my FASTag’
  15. It will ask to communicate with a Paytm customer service representative to solve the issue. You can ask for compensation/token of apology (might get a free movie/shopping/recharge voucher).
  16. Now the final step is ‘Close FASTag’.
  17. A message will appear saying, “Your FASTag will be closed in 5-7 working days. Security Deposit (₹250) and Minimum Balance maintained will be refunded to your Paytm Wallet.”
  18. That’s it! You will get the ‘FASTag Closure Request Submitted’ confirmation at the top. Also, your VRN will be tagged as ‘Closure Initiated’. You will also receive an SMS notification.

Closing Paytm FASTag account via Paytm Customer Care
You can also close your Paytm FASTag account by calling Paytm’s Customer Care team on 01204456456 or Toll-free number 18001204210. You need to provide your mobile number (linked to the FASTag) and your Vehicle Registration Number (VRN) to the customer care executive. They might also ask some questions to verify your identity as a Paytm user.

Consider Alternatives

While PayTm works towards resolving the situation, consider alternative methods for recharging your FASTag, such as third-party apps like Google Pay and PhonePe. These options can provide a backup plan in case PayTm’s services are affected.

In conclusion, if you’re a PayTm FASTag user, it’s essential to stay informed about the latest developments and explore alternative options to ensure uninterrupted use of your FASTag for vehicle transactions.

FAQ

1. Will my PayTm FASTag work after February 29th?

Answer: Your PayTm FASTag might work if you have a sufficient balance. However, recharging won’t be possible due to RBI restrictions.

2. What should I do if I have a PayTm FASTag?

Answer: Consider getting a new FASTag from another authorized bank to ensure uninterrupted service.

3. Can I transfer my PayTm FASTag to another bank?

Answer: Unfortunately, no. PayTm FASTags cannot be transferred.

4. What is the future of PayTm FASTags?

Answer: Uncertain. PayTm is working on solutions but until a resolution with RBI is reached, the future is unclear. Monitor PayTm’s updates.

5. How do I close my PayTm FASTag?

Answer: You can close it through the Paytm app or by contacting customer care (details in the article).

6. Will I get a refund when I close my PayTm FASTag?

Answer: Yes, you’ll receive a refund of the security deposit (₹250) and any remaining balance to your Paytm wallet.

7. Can I use other apps to recharge my PayTm FASTag?

Answer: No, not directly. However, consider using third-party apps like Google Pay and PhonePe to top-up your FASTag issued by another bank.

8. What are the alternative FASTag providers?

Answer: Most authorized banks in India offer FASTags. Contact your bank or visit their website for details.

9. What happens if I don’t close my PayTm FASTag and it becomes inactive?

Answer: You won’t be able to use it for toll payments and might incur additional charges. It’s advisable to close the inactive FASTag.

10. Are there any charges for closing a PayTm FASTag?

Answer: No, closing your PayTm FASTag is free.

Bonus:

11. Will PayTm offer any compensation for the FASTag issue?

Answer: This is uncertain. While closing the FASTag, you can request compensation, but there’s no guarantee.

12. What are the latest updates from PayTm regarding FASTags?

Answer: Follow PayTm’s official channels for the latest information.

13. Where can I find more information about FASTags in general?

Answer: Visit the official website of National Payments Corporation of India (NPCI) or your chosen FASTag provider’s website.

14. Is it mandatory to have a FASTag on my vehicle?

Answer: While not mandatory everywhere, FASTags offer benefits like faster toll payments and discounts. Check specific regulations in your area.

15. What if I have further questions about PayTm FASTags?

Answer: Contact PayTm customer care through the app or call their hotline (details in the article).

For more automotive updates and industry trends, stay tuned to Motorlane.

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