Customers using Paytm Payments Bank Limited (PPBL) for FASTags, will have to close their existing FASTags and open new ones after March 15, in line with the Reserve Bank of India's (RBI) January 31 directive to PPBL – the banking arm of fintech major Paytm – over ‘persistent non-compliances.’
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Initially, RBI prohibited Paytm Payments Bank from onboarding new customers after February 29, though the deadline was later extended by 15 days.
There are, however, as many as five Paytm FASTag alternatives that one can consider.
But first, what is a FASTag?
It is an electronic toll collection system that is operated by the National Highway Authority of India (NHAI), and was introduced to automate the toll payment process on the highways. The facility utilises Radio-Frequency Identification Technology (RFID) through a sticker or a tag affixed to the windshield of a vehicle.
This tag, in turn, is linked to a user's prepaid or savings account, leading to automatic deduction of the toll charges as the vehicle passes through equipped toll plazas.
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A FASTag can be recharged online, and enhances the efficiency of toll collection by eliminating the need for manual payments; cuts travel time, and contributes to fuel savings.
What are Paytm FASTag alternatives?
{{/usCountry}}A FASTag can be recharged online, and enhances the efficiency of toll collection by eliminating the need for manual payments; cuts travel time, and contributes to fuel savings.
What are Paytm FASTag alternatives?
{{/usCountry}}NHAI FASTag: It is bank-neutral, i.e., it is not linked to a specific bank when purchased. You can obtain it from designated points like toll plazas, petrol pumps, online platforms, or through the My FasTag app and e-commerce platforms such as Amazon or Flipkart.
ICICI Bank/HDFC Bank/SBI/Kotak Mahindra Bank FASTags: In case of each lender, you can apply for the FASTag on the respective lender's website, or by visiting a branch.