Paytm Payments Bank becomes largest issuer of FASTags at 3 million1 min read . Updated: 13 Jan 2020, 03:53 PM IST
- Paytm Payments Bank aims to almost double FASTag adoption to 5 million vehicles by March 2020
- Paytm FASTag allows users to pay directly from their Paytm Wallet, doing away with the need to create and recharge a separate FasTag wallet
NEW DELHI : Paytm Payments Bank on Monday said it has issued 3 million FASTags, becoming the largest issuer of the electronic toll tag in India, in a bid to boost adoption of electronic toll payments. It aims to almost double FASTag adoption to 5 million vehicles by March 2020, the payments bank said in a statement, adding that over 40% of all FASTags were issued in the last one month.
“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," said Satish Gupta, managing director & CEO, Paytm Payments Bank.
Paytm FASTag allows users to pay directly from their Paytm Wallet, doing away with the need to create and recharge a separate FasTag wallet. The electronic tag can be bought with minimum documentation such as vehicle registration number and certificate and is delivered at the registered address free of cost.
Paytm Payments Bank is India’s second largest acquiring bank for National Electronic Toll Collection (NETC) programme that offers an interoperable nationwide toll payment solution. Paytm FASTag enables automatic cashless payments at over 110 toll plazas across India, making road travel frictionless and time-efficient.
FASTag is promoted by NETC programme for enabling toll payments directly from customers’ linked prepaid or savings/current account. Paytm Payments Bank has also partnered with leading automobile manufacturers such as Maruti Suzuki, Hyundai Motor India, Honda Cars India, Kia Motors India Pvt Ltd, MG Motor India, among others, to offer pre-fitted Paytm FASTags at the time of vehicle purchase.
It plans to deploy 10,000 business correspondents in all major cities and towns across the country to generate awareness on the convenience of cashless payments and help commercial vehicle owners purchase the tags. Paytm Payments Bank has set up over 300 camps at toll plazas across India.