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In a recent development, the Reserve Bank of India (RBI) issued a directive to Paytm Payments Bank (PPBL) on January 31, 2024, mandating the cessation of deposits or top-ups in customer accounts, wallets, FASTags, and other related services after February 29, 2024.
As a consequence, the Indian Highways Management Company Ltd (IHMCL), the toll collection arm of the state-owned National Highways Authority of India (NHAI), has stepped in to provide guidance to highway users.
This article delves into the ramifications of these developments and offers insights into what users can expect going forward and best FASTag provider apart from Paytm.
Table of Contents
What will happen to my FASTag?
Existing users of Paytm FASTags can still use the remaining balance in their accounts until it runs out. However, after March 15, 2024, they won’t be able to make any more transactions or add funds to their accounts.
IHMCL is stressing that Paytm will stop issuing new FASTags. Instead, users are encouraged to purchase new FASTags from other authorized banks and replace their old ones. You cannot transfer your existing FASTag to a new one and It’s essential to close the existing FASTag. Here’s the best FASTag service providers:
1. Amazon Pay ICICI FASTag
I personally chose Amazon Pay ICICI FASTag option because it’s the most convenient and easy to use, much like your previous Paytm FASTag. Simply add money to your Amazon Pay account and begin using your FASTag.
Moreover, if your Amazon Pay account is active, you won’t need to undergo KYC procedures. As a Prime customer, you’ll also receive 1% of your toll fees back every month.
2. ICICI Bank FASTag
According to Team BHP, it has been voted second best FASTag service provider after Paytm due to its smoother experience and responsive customer care.
3. Airtel Bank FASTag
If you’re seeking a convenient and user-friendly method similar to Paytm and Amazon Pay, then the Airtel app FASTag is the solution for you. With the online Airtel FASTag recharge service, you can easily top up your tag within minutes. Plus, you’ll receive Rs 50 cashback with every FASTag purchase from Airtel.
4. Axis Bank FASTag
Axis Bank is another one that has gain users trust for its smoother experience and quick resolution. Just fill this Axis online application and get your FASTag delivers in your doorstep.
5. NHAI FASTag
If you’re looking for a swift solution to the Paytm FASTag issue, you can visit the nearest Toll Plaza to have your tag and FASTag account set up.
Make sure to bring both the original and a copy of your KYC documents, along with your vehicle’s RC Book, Driving Licence, and Vehicle. You can conveniently top up your tag directly from the NHAI official website at https://fastag.ihmcl.com/.
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