The Paytm FASTag, a convenient cashless toll payment solution, has encountered difficulties following recent regulatory constraints from the Reserve Bank of India (RBI) affecting Paytm services. Numerous users have voiced apprehensions regarding their Paytm FASTag wallet balance and the viability of the service.
If you're among those concerned, you might be seeking guidance on deactivating or transferring your FASTag to another bank. Here's how you can port or deactivate FASTag.
Deactivation
- Log in to the FASTag Paytm portal using your user ID or wallet ID and password.
- Provide the necessary details, such as 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 your Paytm app, selecting the ‘The FASTag’ category.
- Clearly state your intention to deactivate your FASTag and follow the instructions provided. Additional information may be required for processing.
- Initiate the creation of a service request and keep a record of the complaint or reference number provided 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.
Once deactivated, reactivation of the same FASTag is not possible.
Porting
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. This 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. You can then use your FASTag with the new bank account.
However, before taking action, consider that Paytm's parent company, One97 Communications (OCL), has assured its customers that RBI restrictions do not affect user deposits in their savings accounts, wallets, FASTags, and NCMC accounts. These balances can still be utilised. The company is actively collaborating with regulators to comply with directives and address concerns promptly.
Paytm stated, "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.”
If you are unsure about your Paytm FASTag wallet balance, verify before deciding whether to deactivate or port your FASTag.
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