After the Reserve Bank of India (RBI) ordered the closure of the operations of Payments Payments Bank, Paytm users are tensed and confused about whether the services linked to Paytm Payments Bank, like the Wallet, FASTag, and NCMC card, would continue to work or not. In this read, we will answer questions like, do you need to surrender your FASTag? Will it stop working? How can you deactivate your FASTag? and more.
Will My Paytm FASTag Automatically Stop After 29th February?
The simple answer to this question is “No,” your Paytm FASTag will not stop working; it will continue to work at the toll plaza. You can continue to use your FASTag to pay toll fares up to the available balance in your FASTag. However, you won’t be able to add funds or do top-ups in the FASTags issued by Paytm Payments Bank after March 15, 2024.
Also, to facilitate the services to their existing customers, Paytm has partnered with several banks, like Axis Bank, HDFC Bank, etc., to migrate the payment model from Paytm Payments Bank to other banks.
How Can You Port Your Paytm FASTag to Another Bank?
While there’s no option to port your existing Paytm FastTag from Paytm Payments Bank to another bank, we reached out to Paytm customer support, and they asked us to get a new FASTag, which will be issued by HDFC bank instead of the earlier Paytm Payments Bank. Here’s how you can get a new FASTag.
1. Launch the Paytm app (Google Play Store, Apple App Store) on your phone.
2. Search Fastag and tap on the “Manage FastTag” option.
3. Tap on “Proceed to Buy HDFC FASTag” to continue.
4. Here, tap the “Buy New FASTag” option at the top right corner of the screen.
5. Now, fill in the form details, including your Date of Birth, PAN card number, Vehicle registration number, etc.
6. After filling in the details, tap “Buy Now” and complete ₹250 using your Wallet, UPI, or Card.
Once you have the new FASTag, go to the “Help” section and ask the customer support team to close down your previous FASTag.
FAQs
Q. What Should You Do if the Paytm FASTag Is Not Working?
After March 15, 2024, you won’t be able to recharge your Paytm FASTag. However, you can continue to pay the toll charges from the available balance. If you cannot pay via the Paytm FASTag, you should contact customer support at the toll-free number 1800-120-4210, and they will assist you in raising the issue with the relevant authority.
Q. How Can I Port My Paytm FASTag to Another Account?
No, there is no option to port your existing Paytm FASTag to another account. However, the recent partnership between Axis Bank and Paytm and the shift of its nodal account to Axis Bank hints that Axis Bank will also handle the FASTag facilities for existing customers.
Q. Will Paytm Issue a New FASTag to Their Users?
No, Paytm will not issue a new FASTag to their users, as the existing one can be used to pay the toll charges up to the available balance. Since users won’t be able to add balance or top-up their FASTags, once the balance exhausts, they will have to buy a new one from the app, which HDFC Bank will issue.
Wrapping Up
The Paytm Payments Bank will continue to operate until 29th February 2024, so you can access all its services and use your FASTag linked to your Payment to pay toll charges until it has an adequate balance. After that, you must get a new FASTag, which HDFC Bank will manage. However, there is a possibility that even HDFC or Axis Bank might take over the existing FASTag customers, so they might not have to get a new FASTag. But that’s our intuition based on the current market and recent partnerships done by Paytm, so take it with a pinch of salt.
Stay tuned to GadgetsToUse for more such reads, and check the ones linked below.
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