The bank has crossed the milestone of issuing 3 million FASTags, accelerating the adoption of electronic toll payments across toll plazas.
Besides this, Paytm Payments Bank also aims to almost double FASTag adoption to 5 million vehicles by March 2020. The bank has issued over 40% of all FASTags in the last one month and is actively expanding its reach.
Paytm FASTag allows the user to pay directly from their Paytm Wallet, without requiring to create & recharge a separate FasTag wallet. It can be bought with minimum documentation like vehicle registration number & 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) program offering 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 the National Electronic Toll Collection (NETC) program for making toll payments directly from the 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 many others to offer pre-fitted Paytm FASTags at the time of vehicle purchase itself.
The bank is further boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across the country. In order to educate people on the convenience of cashless payment and help commercial vehicle owners purchase the tags, Paytm Payments Bank has set up over 300 camps at toll plazas across India.
Satish Gupta, MD & 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.”
Paytm Payments Bank is by far the leader in the Electronic Toll Collection (ETC) market and acquires the highest ETC traffic plaza at Shahjahanpur which registers the highest electronic toll collection. Furthermore, the bank efforts have achieved 50% digitization at Makhel Toll Plaza in Gujarat, which is also the highest in the country.