NHAI removes PayTm from list of banks authorised to issue FASTags

  • The move comes after RBI directed to stop deposits or top-ups in any customer accounts, wallets, FASTags managed by PayTm Payments Bank.
PayTm FASTag
A PayTm FASTag sticker being affixed on a vehicle,. The NHAI has delisted PayTm as one of the authorised banks to issue FASTags from today. (PTI)
PayTm FASTag
A PayTm FASTag sticker being affixed on a vehicle,. The NHAI has delisted PayTm as one of the authorised banks to issue FASTags from today.

The National Highways Authority of India (NHAI) has decided to delist PayTm as one of the authorised banks to issue FASTags. The Indian Highways Management Company Ltd (IHMCL), which manages toll collection on behalf of NHAI, has advised PayTm FASTags users to get fresh ones from 32 other authorised banks for a hassle-free drive through toll gates. The decision comes days after RBI stopped deposits or top-ups in any customer accounts, wallets, FASTags managed by PayTm Payments Bank.

Taking to social media, the IHMCL announced that PayTm FASTags will not be entertained further. On January 19 this year, the agency had barred PayTm Payments Bank from issuing fresh FASTags to users. Earlier, RBI barred users to add money to the PayTm wallet and FASTags from February 29. However, it had said that PayTm FASTags will continue to work until balance lasts in the accounts of users. According ot the NHAI, PayTm FASTag has around 30 per cent market share with more than eight crore users across India.

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FASTag is an electronic toll collection system in India operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for allowing toll payments directly from the linked bank accounts.

The NHAI list of authorised banks that can issue FASTags include the likes of Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others.

Also Read : GPS-based toll collection to replace FASTags within months, hints Nitin Gadkari

Here are the answers to some of the frequently asked questions regarding PayTm FASTags and its future:

How to apply for fresh FASTag?

Applying for a new FASTag for your vehicle can be done easily through online banking. One can select from 23 banks who are registered to issue FASTags. Almost all of these banks allow customers to buy FASTags online.

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.

Also Read : How to update FASTag KYC

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.

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: 16 Feb 2024, 13:07 PM IST
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