FASTag is an electronic toll collection system
Paytm Payments Bank Ltd (PPBL) has been removed from the list of 32 authorised banks for providing FASTag service. The move came amid the Reserve Bank Of India (RBI) giving the Paytm Payments Bank an extension to wind down its operations by March 15, 2024.
Customers cannot top-up the existing FASTag after March 15.
The RBI issued a directive on January 31, instructing PPBL to halt these financial activities. The extension comes as a relief for both Paytm Payments Bank and its customers, providing additional time for adjustments to be made. The central bank has not provided specific details on the reasons behind the extension.
What is a FasTag?
FasTag is an electronic toll collection system introduced in India to streamline and automate the toll payment process on highways. It utilises Radio-Frequency Identification (RFID) technology through a sticker or tag affixed to a vehicle's windshield. This tag is linked to the user's prepaid or savings account, allowing for automatic deduction of toll charges as the vehicle passes through equipped toll plazas. FasTag enhances the efficiency of toll collection by eliminating the need for manual payments, reducing travel time, and contributing to fuel savings. Its interoperable nature ensures a seamless experience across various toll plazas in the country. Users can conveniently recharge their FasTag accounts online, and its implementation aims to promote digital payments and alleviate congestion at toll booths, ultimately improving the overall travel experience on Indian highways.
Five Paytm FASTag alternatives you can consider:
1.NHAI FASTag:
NHAI FasTag is a bank-neutral version, meaning it isn't linked to a specific bank when purchased and can be obtained from designated points like toll plazas, petrol pumps, online platforms, or through the My FasTag app and popular e-commerce sites like Amazon or Flipkart.
2. ICICI Bank FASTag:
ICICI Bank provides FASTags for convenient toll payments. Users can apply through the bank's website or visit ICICI Bank branches to get their FasTags.
3. HDFC Bank FASTag:
HDFC Bank offers FASTags that provide a hassle-free toll payment experience. Users can apply online through the HDFC Bank website or visit the nearest branch.
4. SBI FASTag:
State Bank of India (SBI) offers wide acceptance across toll plazas. SBI FASTags can be obtained online or by visiting a branch office.
5. Kotak Mahindra Bank FASTag:
Kotak Mahindra Bank provides FASTags for efficient toll payments. Users can apply online or visit any of the Kotak Mahindra Bank branches to avail themselves of this service.