How to deactivate or port Paytm FASTag amid RBI restrictions

Paytm FASTag, a service that enables cashless toll payments, has been facing some challenges due to the recent regulatory restrictions imposed by the Reserve Bank of India (RBI) on Paytm services. Many users have expressed their concerns about their Paytm FASTag wallet balance and the future of the service. Also Read: Paytm Will Now Remind You About Your Pending Expenses! Here’s How To Use It

If you are one of them, you might be wondering how to deactivate or port your FASTag to another bank. Here are some steps you can follow to do so. Also Read: Paytm begins user migration to new UPI IDs: Here's what this means for you

A step-by-step guide on how to deactivate or port Paytm FASTag

Deactivation Also Read: Paytm now issues HDFC FASTag: Here's how to buy it

Step 1: Log in to the FASTag Paytm portal using your User ID or Wallet ID and password.

Step 2: Provide the necessary details like your FASTag number, registered mobile number, and any other information they may require for verification.

Step 3: Navigate to the Service Request section within the portal. You can also raise a closure request from the 24*7 help section of your Paytm app by selecting the ‘The FASTag’ category.

Step 4: Clearly state that you want to deactivate your FASTag and follow the instructions given to you. They may ask for additional information or guide you through the process.

Step 5: Initiate the creation of a service request and keep a record of the complaint or reference number provided by customer support for future reference. Follow up with Paytm if you do not receive deactivation confirmation within the stipulated time.

Step 6: Within the service request options, choose “Closure Request” as the request type to close either the RFID Tag or the Wallet associated with your account.

Remember that once deactivated, you cannot reactivate the same FASTag again.

Port

If you want to port your Paytm FASTag to another bank, you need to follow these steps:

Step 1: Call the customer care of the new bank and follow their instructions. They may ask you to fill an application form, submit some documents, and pay a fee for porting your FASTag.

Step 2: Once your porting request is approved, you will receive a confirmation message from the new bank. You can then use your FASTag with the new bank account.

However, before you decide to deactivate or port your FASTag, you might want to consider that Paytm’s parent company, One97 Communications (OCL), has assured its customers that the RBI restrictions do not impact user deposits in their savings accounts, Wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances. The company has also said that it is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible.

“With regard to the direction on termination of nodal account of OCL and Paytm Payments Services Limited (PPSL) by February 29, 2024, OCL and PPSL will move the nodal to other banks during this period. OCL will pursue partnerships with various other banks, to offer various payment products to its customers,” Paytm said.

So, if you’re confused about your Paytm FASTag wallet balance, double-check first, then decide to either deactivate or port your FASTag.