Will Paytm FASTag stop working after February 29?all details

Paytm parent company One97 Communications received a major jolt from the Reserve Bank of India (RBI) on Wednesday, ordering Paytm Payments Bank to halt its main payments services by the end of February due to “continued non-compliance” issues. Although Paytm app and Paytm Payments Bank are two different entities, there are some commonalities on the apps such as FASTag.

The Paytm app is used by millions of people in India, and news of a major impact on the service has understandably caused some concern. The big question is – will the FASTag brought from Paytm continue to work? Do car owners have to buy a new FASTag entirely?

Paytm FASTag – What happens after February 29?

At this moment, one thing is clear – all Paytm services will operate as usual till February 29, 2024. But what happens next?

For those who don’t know, every FASTag comes with a unique UPI ID. For Paytm FASTag users, this UPI ID is directly linked to 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. It was also noted that services like FASTag may also be unavailable after February 29 which means you will not be able to recharge your FASTag ID after the deadline later this month. However, you are free to use your existing balance until February 29th.

Paytm has officially clarified these rumors and mentioned in this post on its Now we will speed up the process.”

Well, technically Paytm didn’t comment on what happens to FASTag ID after February 29, but it promised to work on developing “effective solutions” to ensure a seamless customer experience.

The statement suggests that Paytm may partner with traditional banks to offer FASTag services and allow them to continue using the service on cars. We prefer to wait for Paytm to make an official statement on these changes and their impact on customers in the coming weeks.