Paytm’s FASTag Faces Challenges Amidst RBI Restrictions; Announces Partnership with HDFC FASTag for New Issuances
RBI’s wallet ban prompts Paytm FASTag users to port to other banks; existing balances remain unaffected. Paytm partners with HDFC for new FASTag issuances, ensuring regulatory compliance. One97 Communications actively collaborates with regulators, reassuring users of continued service availability and exploring partnerships for various payment products.
AT A GLANCE
- RBI Constraints Impact Paytm FASTag:
- Regulatory constraints from RBI affect Paytm services, leading to a total ban on Paytm wallet and Paytm Payments Bank.
- HDFC Collaboration for FASTag:
- Users attempting to buy Paytm FASTag are redirected to HDFC FASTag due to the RBI ban on Paytm’s FASTag services.
- Deactivation Steps for FASTag:
- To deactivate Paytm FASTag, log in to the portal, navigate to Service Request, and choose “Closure Request” after providing necessary details.
- No Reactivation After Deactivation:
- Once deactivated, reactivating the same FASTag is not possible, emphasizing the irreversible nature of deactivation.
- Porting FASTag to Another Bank:
- Users wanting to switch banks can port their Paytm FASTag by following the new bank’s instructions and receiving confirmation upon approval.
- Assurance on User Balances:
- Paytm’s parent company reassures users that RBI restrictions do not impact deposits in savings accounts, wallets, FASTags, and NCMC accounts.
- Ongoing Collaboration and Partnerships:
- One97 Communications actively collaborates with regulators, assuring users of continued efforts to comply with directives and explore partnerships with other banks.
HDFC is the new official partner of Paytm for Issuances of new FASTags Amidst RBI Restrictions
In a recent turn of events, the Paytm FASTag, a widely-used cashless toll payment solution, is confronting challenges following regulatory constraints imposed by the Reserve Bank of India (RBI) affecting Paytm services. Concerns have been raised by numerous users regarding their Paytm FASTag wallet balance and the overall sustainability of the service.
The RBI’s decision to enforce a total ban on Paytm wallet and Paytm Payments Bank has resulted in users being unable to purchase Paytm Payments Bank FASTags. When attempting to buy Paytm’s FASTag, a popup notification informs users of Paytm’s collaboration with HDFC FASTag, redirecting users to buy HDFC FASTag from Paytm.
For those seeking guidance amid uncertainties, especially on deactivating or transferring their FASTag to another bank, the following steps are advised:
Deactivation Process:
- Log in to the FASTag Paytm portal using your user ID or wallet ID and password.
- Provide necessary details, including your FASTag number and registered mobile number for verification.
- Navigate to the Service Request section within the portal or use the 24*7 help section of the Paytm app, selecting the ‘The FASTag’ category.
- Clearly state your intention to deactivate your FASTag and follow the provided instructions. Additional information may be required for processing.
- Initiate the creation of a service request and keep a record of the complaint or reference number for future reference. Follow up with Paytm if deactivation confirmation is not received within the specified time frame.
- Choose “Closure Request” as the request type to close either the RFID tag or the wallet associated with your account.
It’s important to note that once deactivated, reactivation of the same FASTag is not possible.
Porting Process:
If you wish to port your Paytm FASTag to another bank, follow these steps:
- Contact the customer care department of the new bank and adhere to their instructions, which may involve filling out an application form, submitting necessary documents, and paying a porting fee.
- Upon approval of your porting request, you will receive a confirmation message from the new bank, allowing you to use your FASTag with the new bank account.
However, Paytm’s parent company, One97 Communications (OCL), has reassured customers that RBI restrictions do not impact user deposits in their savings accounts, wallets, FASTags, and NCMC accounts. These balances can still be utilized. The company is actively collaborating with regulators to comply with directives and address concerns promptly.
In a statement, Paytm mentioned, “OCL and PPSL will move the nodal to other banks during this period. OCL will pursue partnerships with various other banks to offer various payment products to its customers.”
Users are advised to verify their Paytm FASTag wallet balance before deciding whether to deactivate or port their FASTag.
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The information above is curated from reliable sources and modified for clarity. Slash Insider is not responsible for its completeness or accuracy. We strive to deliver reliable articles but encourage readers to verify details independently.
