Paytm Fastag, which is an electronic toll collection system, will no longer be available for users in India. The Reserve Bank of India (RBI) has issued guidelines that require Paytm Payments Bank (PPBL) to stop issuing Fastags. The deadline for this process has been extended from February 29 to March 15, 2024. This means that users of Paytm Fastag will have to switch to a different bank or provider before the deadline. However, finding a suitable alternative can be a daunting task, as there are many factors to consider such as convenience, acceptance, fees, and benefits. To help you out, we have compiled a list of the top 5 alternatives of Paytm Fastag in 2024.
What is Fastag?
Before we talk about alternatives to Paytm Fastag, let us first understand what is Fastag? It is a device that employs Radio Frequency Identification (RFID) technology to enable automatic toll collection at toll plazas in India. It is a prepaid rechargeable tag affixed to the windshield of a vehicle, allowing for cashless payments of toll fees as the vehicle passes through toll booths.
Here’s how Fastag works:
- Prepaid Account: Users need to link their Fastag to a prepaid account, which can be topped up through various channels such as online banking, mobile wallets, or designated toll plazas.
- RFID Technology: The Fastag is equipped with an RFID chip that communicates with the toll plaza’s infrastructure as the vehicle approaches the toll booth.
- Automatic Deduction: When a vehicle with a Fastag passes through a toll plaza, the RFID reader at the plaza detects the Fastag and deducts the applicable toll amount from the linked prepaid account.
- Real-Time Notifications: Users receive instant notifications via SMS or email for toll transactions, providing transparency and account balance updates.
- Convenience and Efficiency: Fastag offers convenience by eliminating the need for cash transactions at toll plazas, reducing waiting times, and streamlining the toll collection process for both commuters and toll operators.
Do you need to deactivate Paytm Fastag?
Well, this is one of the most important things you should do before considering the alternatives of Paytm Fastag. Fastag was introduced by the National Highways Authority of India (NHAI) to promote digital payments, reduce traffic congestion at toll plazas, and enhance overall efficiency in toll collection across the country. It has become mandatory for all vehicles in India to have a Fastag for seamless passage through toll booths on national highways.
The ‘One Vehicle, One FASTag’ regulation necessitates deactivating your Paytm FASTag account. This rule stipulates that each vehicle can only have one FASTag associated with it. Consequently, users are required to close their Paytm Payments Bank Limited (PPBL) accounts to obtain a refund and subsequently acquire a new FASTag from a different bank.
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How to Deactivate Paytm FASTag Account?
To deactivate your Paytm FASTag account, follow these steps:
- Open the Paytm App and navigate to the Profile section.
- Select ‘Help & Support’ from the menu options.
- Choose ‘Banking Services & Payments’ and then click on FASTag.
- Select “Chat with us” to initiate a request for deactivation.
Alternatively, you can deactivate your Paytm FASTag account via the FASTag Paytm Portal. Log in to your account, provide your FASTag number and registered mobile number, and complete the verification process. Then, under “Help & Support,” choose “I Want to Close My FASTag Profile” to proceed with deactivation.
Next, let’s talk about the best alternatives of Paytm Fastag
Canara Bank Fastag
Canara Bank Fastag is an electronic toll collection system offered by one of India’s largest public sector banks. You can apply for a Canara Bank Fast Tag online or offline by visiting the Canara Bank website or any of its branches or point-of-sale locations. You can also buy a Canara Bank Fastag from Amazon or Flipkart and link it to your Canara Bank account.
Canara Bank Fastag comes with a one-time fee of Rs 100 and a refundable security deposit of Rs 200. The minimum recharge amount is Rs 100, and the maximum is Rs.1,00,000. You can recharge your Fast Tag using the Canara Bank website, mobile app, net banking, credit card, debit card, UPI, or NEFT/RTGS.
HDFC Bank Fastag
HDFC Bank is one of the leading banks in India that offers Fastag services. You can apply for a Fastag online or offline by visiting the HDFC Bank website or any of its branches or point of sale locations. You can also buy a Fastag from Amazon or Flipkart and link it to your HDFC Bank account.
Once you issue the HDFC Bank FASTag, use it like any other prepaid card. The amount loaded in the wallet is linked to your FASTag number. Users need to display the tag number on the vehicle’s windshield screen. Using Radio Frequency Identification (RFID) technology, every time the car crosses a toll booth, the system captures the tag number and deducts appropriate toll charges from your FASTag wallet.
HDFC Bank Fastag comes with a one-time fee of Rs 100 and a refundable security deposit of Rs 100. The minimum recharge amount is Rs 100, and the maximum is Rs 1,00,000. You can recharge your Fast Tag using the HDFC Bank website, mobile app, net banking, credit card, debit card, UPI, or NEFT/RTGS.
SBI Bank Fastag
SBI Fastag is another popular option for users in India, as the largest public sector bank in the country issues it. You can apply for a SBI Fast Tag online or offline.
SBI Fastag comes with a one-time fee of Rs 100 and a refundable security deposit of Rs 200. The minimum recharge amount is Rs 100, and the maximum is Rs 1,00,000. You can recharge your Fastag using the SBI website and other online payment modes.
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Airtel Payments Bank Fastag
Airtel Payments Bank Fastag is a convenient and affordable option for users who have an Airtel Payments Bank account or wallet. You need to have active Airtel Payments Bank Savings Account or Wallet to apply for Fastag. Moreover, Airtel Thanks Gold and Platinum customers can get a cashback of Rs 150 on the purchase of the Airtel Payments Bank Fastag.
Airtel Payments Bank Fastag comes with a one-time fee of Rs 100 and a refundable security deposit of Rs 200. The minimum recharge amount is Rs 150, and the maximum is Rs 1,00,000. You can load money into your linked Airtel Payments Bank account/wallet using internet banking/ credit card/ debit card, UPI from Airtel Thanks app or from internet banking. Post successful loading into your account, Minimum balance will be blocked for fastag.
IDFC First Bank Fastag
IDFC First Bank Fastag is an electronic toll collection system that lets you pay for tolls, fuel, and parking automatically. It is a simple, reloadable tag that is linked to your IDFC First Bank account or credit card. You can apply for it online or offline, and recharge it using various payment methods. As usual, it has a one-time joining fee of Rs 100 with a minimum balance of Rs 200 and Rs 0 security deposit.