Paytm Bank becomes largest issuer of FASTags in India
New Delhi, Jan 13 : Paytm Payments Bank (PPB) on Monday announced it has become the largest FASTag issuer in India as it has issued three million FASTags so far, thus, accelerating the adoption of electronic payments across toll plazas.
“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,” Satish Gupta, MD and CEO-Paytm Payments Bank, said in a statement.
FASTag is an electronic toll collection system, operated by the National Highway Authority of India.
It employs Radio Frequency Identification technology for making toll payments directly from the prepaid or savings account linked to it or directly 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 requiring to create and recharge a separate FasTag wallet.
It can be purchased with minimum documentation like 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, 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.
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 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.
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.
Furthermore, the bank efforts have achieved 50 per cent digitisation at Makhel Toll Plaza in Gujarat, which is also the highest in the country.