Checkout five alternatives to Paytm FASTag | In Detail

PTC Web Desk: Paytm Payments Bank Ltd (PPBL) has faced a significant development as it has been removed from the list of 32 authorised banks offering FASTag services in India. This decision follows a directive from the Reserve Bank of India (RBI) instructing PPBL to cease its financial activities.

The RBI has granted an extension to Paytm Payments Bank Ltd, allowing it to wind down its operations by March 15, 2024. This extension provides relief to both the bank and its customers, offering additional time for necessary adjustments. However, after March 15, customers will no longer be able to top up their existing FASTags.

The RBI issued the directive on January 31, but specific details regarding the reasons behind the extension have not been disclosed. 

Understanding FASTag and Its Significance

FASTag is an electronic toll collection system introduced in India to modernise and automate toll payments on highways. The system employs Radio-Frequency Identification (RFID) technology, utilising a sticker or tag affixed to a vehicle's windshield. This tag is linked to the user's prepaid or savings account, facilitating the automatic deduction of toll charges as the vehicle passes through equipped toll plazas.

The key benefits of FASTag include the elimination of manual payments, reduced travel time, and fuel savings. Its interoperable nature ensures a seamless experience across various toll plazas in the country. By promoting digital payments, FASTag contributes to the alleviation of congestion at toll booths, ultimately enhancing the overall travel experience on Indian highways.

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Five Alternatives to Paytm FASTag

NHAI FASTag

NHAI FASTag is a bank-neutral version, not tied to a specific bank. It can be obtained from designated points such as toll plazas, petrol pumps, online platforms, or through the My FASTag app and popular e-commerce sites like Amazon or Flipkart.

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 obtain their FASTags.

HDFC Bank FASTag

HDFC Bank offers FASTags for a hassle-free toll payment experience. Users can apply online through the HDFC Bank website or visit the nearest branch.

SBI FASTag

State Bank of India (SBI) offers FASTags with wide acceptance across toll plazas. SBI FASTags can be obtained online or by visiting a branch office.

Kotak Mahindra Bank FASTag

Kotak Mahindra Bank provides FASTags for efficient toll payments. Users can apply online or visit any Kotak Mahindra Bank branch to avail themselves of this service.

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