Noida-based Paytm Payments Bank recently claimed that it has issued more than three million FASTags till now, helping in the adoption of electronic toll payments across toll plazas in the country.
Over the past few months, the Ministry of Road Transport and Highways has been pushing for adoption of FASTags for all vehicles, private and commercial. Currently, 22 banks are certified to issue FASTags in the country.
Paytm FASTag allows a user to pay directly from their Paytm wallet, without requiring to create and recharge a separate FASTag wallet, the company said in a statement.
It also added that FASTags can be bought with minimum documentation like vehicle registration number, and is delivered at the registered address for free-of-cost.
Speaking on the milestone, Satish Gupta, MD and CEO, Paytm Payments Bank, said,
“This milestone is a testament to the efforts we are putting in the ‘Digital India’ vision of the government. We will continue to work towards the adoption of digital toll payments in the country."
Besides this, Paytm Payments Bank aims to almost double the FASTag adoption to five million vehicles by March 2020.
Paytm Payments Bank claims to be India’s second-largest acquiring bank for National Electronic Toll Collection (NETC) programme, offering an interoperable nationwide toll payment solution. In a statement, Paytm said that its FASTag enables automatic cashless payments at over 110 toll plazas across India.
The bank has also partnered with automobile manufacturers such as Maruti Suzuki, Hyundai Motor India, Honda Cars India, Kia Motors, and MG Motor India, among many others to offer pre-fitted Paytm FASTags at the time of vehicle purchase.
The company also said that it is boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across the country.
In November 2019, online trucking platform BlackBuck said it has partnered with private lenders IDFC Bank and Yes Bank to provide FASTags to truck owners for free-of-cost.
(Edited by Suman Singh)
Paytm launches new QR, adds support for RuPay cards, and allows unlimited payments with zero fees
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.