Paytm Payments Bank (PPB) announced that it has become the largest FASTag issuer in India. The company reveals that it has issued three million FASTags so far. The company reveals that it aims to double Paytm FASTag adoption to five million vehicles by March. It claims to have issued over 40 percent FASTags in the last one month.
“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, says.
What is a Paytm FASTag?
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. These payments are cut directly from the prepaid or savings account linked to the toll owner.
Paytm FASTag allows users to pay directly from their Paytm Wallet. They can do so without having to create and recharge a separate FASTag wallet. You can purchase one with minimum documentation. These include vehicle registration number and certificate. The tag gets delivered at one’s address free of cost.
Paytm Payments Bank is India’s second largest acquiring bank for National Electronic Toll Collection (NETC) program. Paytm FASTag also enables automatic cashless payments at over 110 toll plazas across India. 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, Paytm Payments Bank has set up over 300 camps at toll plazas across India. PPB 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 percent digitisation at Makhel Toll Plaza in Gujarat, which is also the highest in the country.