Due to recent regulatory developments involving the Reserve Bank of India (RBI) which have had an adverse impact on Paytm services, FASTag users could find themselves caught up in uncertainty regarding its future and how best to secure wallet balances. With limited options for deactivating or moving FASTag accounts to another bank available for management of FASTag accounts this guide offers step-by-step instructions for keeping track of them effectively.
Understanding the Situation
Paytm FASTag, a prominent tool for facilitating seamless toll payments across highways, has been caught in the crosshairs of regulatory measures by the RBI. These measures have raised questions about the continuity of Paytm’s FASTag services and the fate of users’ wallet balances. However, Paytm’s parent company, One97 Communications Ltd. (OCL), has reassured customers that these regulatory issues will not affect the operationality of user deposits in savings accounts, wallets, FASTags, or NCMC accounts.
Deactivating Your Paytm FASTag Account
Should you decide to deactivate your Paytm FASTag due to personal preference or in light of these developments, here’s how you can proceed:
Step 1: Access Your Account
Log into the Paytm FASTag portal using your user ID or wallet ID and password. This initial step is critical for verifying your ownership of the account.
Step 2: Verification
Be prepared to provide your FASTag number and the mobile number registered to your account. This information is necessary for further verification.
Step 3: Submit a Service Request
Navigate to the “Service Request” section within the portal or use the 24×7 help feature in your Paytm app. Choose the “FASTag” category and express your intention to deactivate your FASTag account. Follow the on-screen instructions, which may include providing additional information for processing your request.
Step 4: Request Confirmation
Before sending in your request for deactivation, be sure to make a note of your complaint or reference number for future reference. It can help facilitate follow up should no confirmation arrives within an expected timeline.
Step 5: Finalize Deactivation
Select “Closure Request” to initiate the closure of your FASTag RFID tag or the associated wallet. Remember, once deactivated, a FASTag cannot be reactivated.
Porting Your FASTag to Another Bank
If you prefer to keep using FASTag but wish to switch to another bank, follow these steps:
Step 1: Contact New Bank
Reach out to the customer service of the bank you would like to port your FASTag into and let them assist with the porting process, which may include filling out forms, providing documents required, and possibly paying an administration fee for porting.
Step 2: Await Confirmation
After you submit a porting request to your new bank, await their notification that all has gone smoothly in terms of moving over your FASTag account to them, which allows for smooth service continuation.
Keeping Perspective
While the RBI’s restrictions have indeed introduced a level of uncertainty for Paytm FASTag users, it’s important to note that Paytm and OCL are actively working to address these issues. Their efforts to ensure compliance and seek resolutions highlight a commitment to maintaining the integrity of their services. Furthermore, the assurance from Paytm that user balances and accounts will not be adversely affected provides a layer of security for those concerned about the impact of these regulatory measures.
In summary, whether it’s time for you to deactivate or port your Paytm FASTag service to another bank, staying informed on the latest changes is critical for successful transition. By following the steps laid out herein this guide and staying aware of developments related to either option you can navigate Paytm’s FASTag changes with confidence for toll payment needs.
