Paytm Payments Bank Issues 5 Mn FASTags And Targets To Double In Next 3 Months
The company claims it has emerged as the largest facilitator of digital toll payments in the country
Paytm Payments Bank Ltd (PPBL) announced it is now enabling automatic cashless payments at 211 toll plazas across the country and has become the largest acquiring bank under National Electronic Toll Collection (NETC) program.
In order to educate people about the convenience of cashless payment at toll plazas and help vehicle owners purchase the tags, the bank has set up over 20,000 camps at toll plazas, residential parking lots, fuel stations, and other commercial areas across the country.
The money for toll payments gets auto-debited from Paytm Wallet and the balance can also be used for shopping, recharges, bill payments, and more. It can be purchased with minimal documentation like vehicle registration number and certificate and is delivered free of cost at the registered address of the buyer.
“We are committed to increasing the adoption of digital toll payments in the country and making road travel seamless and time-efficient for everyone. We are overwhelmed with the response of our users who have helped us become the largest issuer and acquirer of FASTags in the country. All our efforts are aligned to boost Digital India mission of our government and encourage cashless payments in our country," said PPBL chief executive officer and managing director Satish Kumar Gupta, in a statement.
FASTag is promoted by the NETC program for making toll payments directly from the customers linked prepaid or savings/current account.
The bank has equipped over 5 million vehicles with these tags. With this, the company has emerged as the largest facilitator of digital toll payments in the country. It is further aiming to acquire another 100 toll plazas and achieve 100 per cent growth in FASTag sales in the next 3 months.
Paytm Payments Bank has also partnered with the dealers of the 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 tags at the time of vehicle purchase itself.