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MUMBAI : Airtel Payments Bank on Thursday announced a collaboration with Park+ to offer FASTag-based smart parking solutions to marquee commercial and residential properties across the country.

Backed by Sequoia Capital and Matrix Partners, Park+ is engaged in automating parking spaces through FASTag.

“The collaboration aims to leverage the deep distribution reach and digital payments stack of Airtel Payments Bank to digitize the parking ecosystem using FASTag associated with the vehicle. Park+ will offer its entire suite of FASTag services including issuance, acquiring, recharge, and technology support to Airtel Payments Bank," the statement said.

Airtel Payments Bank said it is among the top five issuers of FASTag in the country. Park+ access control systems are installed at over 1500 societies, over 30 malls, and over 150 corporate parks across the country.

“Beginning with the parking fee payments, both partners are working together to enable automatic cashless payment deduction from the valid FASTag associated with the vehicle. With cashless payments, visitors will save time and will no longer not have to wait in a queue to make parking payments. The service is already operational at a South Delhi Municipal Corporation (SDMC) parking site, and will soon be made available at Aurangabad Airport and 32nd Avenue (32nd Milestone) in Gurugram," it said.

Ganesh Ananthanarayanan, chief operating officer, Airtel Payments Bank, said, “With a higher number of people preferring private vehicles to travel these days, these solutions will enable customers to save time and smoothen their travel experience."

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