Last Updated: February 01, 2024, 15:24 IST
Paytm Fastag customers are anxious about their service from February 2024
Paytm FASTag customers are anxious about their service help after February 29, 2024 and we provide you with all the main points.
Paytm guardian firm One97 Communications received a giant jolt from the Reserve Bank of India (RBI) on Wednesday, ordering Paytm Payments Bank to cease its main cost companies by the tip of February resulting from “persistent non-compliance” points. Despite the Paytm app and Paytm Payments Bank being two totally different entities, there are shared facets as nicely on the app like FASTag.
The Paytm app is utilized by thousands and thousands of individuals in India, and understandably information in regards to the service being affected majorly has induced some issues. The huge questions– will FASTags introduced from Paytm proceed working? And will automotive homeowners have to purchase a brand new FASTag altogether?
Paytm FASTag- What Happens After February 29?
At this level of time, one factor is evident– all companies of Paytm will work as ordinary until February 29, 2024. But what occurs subsequent?
For these unaware, each FASTag comes with a singular UPI ID. For Paytm FASTag customers, this UPI ID is instantly linked to Paytm Payments Bank.
As per the latest RBI order, Paytm customers are usually not allowed to do credit score transactions or prime-ups in any buyer accounts and pay as you go devices after February 29, 2024. It can also be identified that companies like FASTag might not work after February 29 as nicely which suggests you can not prime-up the FASTag ID after the deadline later this month. However, you’re free to make use of the prevailing steadiness until February 29.
Paytm has formally quashed these rumours, and talked about by way of this submit on its X account, “you can continue using the existing balances on your Paytm FASTag. We started our journey of working with other banks over the last two years, which we will now accelerate.”
You can proceed utilizing the prevailing balances in your Paytm FASTag. We began our journey of working with different banks during the last two years, which we are going to now speed up pic.twitter.com/clsDLVUD1N— Paytm (@Paytm) February 1, 2024
Well, technically Paytm didn’t touch upon what occurs to FASTag IDs after February 29 nevertheless it guarantees to be engaged on “effective solutions” to make sure a seamless buyer expertise.
This assertion suggests Paytm would possibly associate with conventional banks for its FASTag service and permit them to proceed utilizing it for his or her automobiles. We’ll want to attend for Paytm to make an official assertion on these modifications and the way it impacts its prospects within the subsequent few weeks.
