Paytm becomes the largest issuer of FASTags in India
NEW DELHI: Paytm Payments Bank (PPB) announced Monday that it has become the largest issuer of FASTag in India, as it has issued three million FASTags So far, therefore, accelerating the adoption of electronic payments at toll stations.
This milestone is a testament to the efforts we are putting in the ' Digital india 'vision of the government. We will continue to work for the adoption of digital toll payments in the country, said Satish Gupta, MD and CEO-Paytm Payments Bank, in a statement.
FASTag is a electronic toll collection system, operated by the National Highway Authority of India.
It uses radiofrequency identification technology to make toll payments directly from the prepaid or savings account linked to it or directly to the toll owner.
Paytm Payments Bank also aims to almost double FASTag adoption to five million vehicles by March. It has issued over 40 per cent of all FASTags in last one month and is actively expanding its reach.
Paytm FASTag allows users to pay directly from their Paytm wallet, without the need to create and recharge a separate FasTag wallet.
It can be purchased with minimal documentation, such as the vehicle registration number and certificate, and is delivered to the registered address at no cost.
Paytm Payments Bank is the second largest acquiring bank in India for the National Electronic Toll Collection (NETC) program, which offers an interoperable toll payment solution nationwide.
Paytm FASTag allows automatic cashless payments in more than 110 toll plazas throughout India, which makes road trips frictionless and time efficient.
It is boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across the country.
To educate people about the convenience of cashless payment and help commercial vehicle owners buy the labels, Paytm Payments Bank has established more than 300 camps at toll stations throughout India.
PPB is currently 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 , according to the company.
In addition, the bank's efforts have achieved 50% digitalization at Makhel Toll Plaza in Gujarat , which is also the highest in the country.