Paytm is working on customer experience solutions as the RBI orders it to stop major payment services. Due to this FASTag users are worried.
Due to chronic non-compliance difficulties, the Reserve Bank of India (RBI) ordered Paytm Payments Bank to suspend key payment services by the end of February. Paytm Payments Bank and app share FASTag despite being independent organizations.
Effect on Paytm FASTag Users
Till February 29, 2024, all Paytm services will run properly. However, FASTags purchased through Paytm after this date are in question.
FASTag/UPI ID
Paytm FASTag customers receive a unique UPI ID from Paytm Payments Bank. FASTag may be affected by the RBI’s February 29 decision restricting credit transactions or top-ups in customer accounts and prepaid instruments.
Clarification from Paytm
Paytm has denied rumors and informed users they can use FASTag balances until February 29.
Keep utilizing your Paytm FASTag balances. Two years ago, we began working with other banks, which we would now expedite “X (Formerly Twitter) post by the company.
Paytm did not explicitly address FASTag IDs’ fate after 29th February. But, it promised to find customer-friendly solutions. To maintain FASTag services, the statement suggests cooperation with established banks.
Conclusion
Payment services from Paytm, the parent firm of One97 Communications, will be suspended by the RBI by the end of February due to non-compliance. FASTag customers with Paytm Payments Bank-linked UPI IDs are concerned. Paytm says users can use FASTag balances until February 29. The company is developing customer experience solutions and may partner with established banks to continue FASTag.
