If you use Paytm’s FASTag to pay tolls, you will have to purchase a new FASTag from another bank before February 29, 2024. Every FASTag comes with a unique UPI ID and for Paytm FASTag users, this UPI ID is directly linked to Paytm Payments Bank.
Now, the Reserve Bank of India (RBI) has ordered Paytm Payments Bank to stop customer transactions, which effectively means that you will not be able to recharge Paytm FASTag after February 29. If the FASTag does not work, then the vehicle owner will have to pay double fee toll as cash penalty.
Paytm FASTag will operate as usual till February 29, 2024, and users can continue to recharge. After February 29, Paytm FASTag will use the remaining existing balance and once the balance exceeds, no further recharge will be possible. Since FASTag cannot be ported from Paytm Payments Bank to another bank, your best option is to purchase a new FASTag from any supported bank.
“The Paytm app offers a range of products to users and some of the products already distributed by other banks, such as FASTag, will continue,” Paytm President and COO Bhavesh Gupta said during a conference call on Thursday.
This development comes after the Reserve Bank of India took a major decision to restrict the operations of Paytm Payments Bank. As per the recent RBI order, Paytm users will not be allowed to conduct credit transactions or recharge in any customer account and prepaid instruments after February 29, 2024. Technically, Paytm did not comment on what happened to FASTag ID after February 29 but promised to work on “effective solutions” to ensure a seamless customer experience.
The fact that you cannot transfer FASTag balance or transfer to another bank means that once the stipulated cut-off date ends, the existing FASTag account/ID will become useless unless the cut-off date is close to limit later this month A major shift has occurred.
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