Paytm becomes Biggest Issuer of FASTags in India with 3 MN Issues
New Delhi: Paytm Payments Bank (PPB) on Monday announced it’s become the biggest FASTag issuer in India since it has issued 3 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 govt. We’ll continue to work towards the adoption of digital toll payments in the country,” said Satish Gupta, MD and CEO-Paytm Payments Bank in a statement.
FASTag is an electronic toll collection system, operated by the National Highway Authority of India.
It employs Radio Frequency Identification (RFI) technology for creating toll payments directly from the prepaid or savings account linked thereto it or directly toll owner.
Paytm Payments Bank also aims to almost double FASTag adoption to 5 million vehicles by March. It has issued over 40% of all FASTags in the last 1 month and is actively expanding its reach.
Paytm FASTag allows users to pay directly from their Paytm Wallet, without requiring them to create and recharge a separate FasTag wallet.
It can be purchased with minimum documentation like vehicle registration certificate and number and is delivered at the registered address without any 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.
It is boosting the sale of FASTags by deploying 10,000 business correspondents altogether in all major cities and towns across India.
To educate people of India on the convenience of cashless payment and help commercial vehicle owners in purchasing the tags, Paytm Payments Bank has set up over 300 camps at toll plazas across the country.
PPB is currently the top leader in the Electronic Toll Collection (ETC) market and it 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% digitization at Makhel Toll Plaza in Gujarat, which is also the highest in India.