Paytm to launch FASTag-based parking service across India, after DMRC facility

Digital payment and financial services firm Paytm plans to enable FASTag-based parking services across the country, after launching its first with the Delhi Metro Rail Corporation (DMRC). 

Paytm Payments Bank Ltd (PPBL) on Monday said it has enabled the country's first FASTag-based metro parking facility in partnership with the Delhi Metro Rail Corporation (DMRC).

"This is another step towards digitalization in the DMRC's endeavour to provide solutions to our customers especially in these times when contactless transactional methods are the need of the hour," DMRC Managing Director Mangu Singh said in a statement issued by PPBL.

PPBL will facilitate the processing of all FASTag-based transactions for cars having a valid FASTag sticker which eliminates the need for stopping to pay cash at the counter. Additionally, Paytm Payments Bank has enabled a UPI-based payment solution for two-wheelers entering the parking site.

The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals and airports, it added.

Paytm Payments Bank became the first bank in the country to achieve the milestone of issuing one crore FASTags in June. According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of June 2021.

FASTag is mandatory stickers for vehicles in the country which enable seamless movement across toll plazas with payments being made digitally. The FASTag stickers ensure less waiting time when crossing toll booths, thereby saving time as well as fuel.