– Becomes India’s largest acquiring bank under NETC program.
– Facilitates movement of over 4 million vehicles through toll plazas every month.
– Aiming to acquire another 100 toll plazas by Jan’21.
– Targeting to issue another 5 million tags in the next 3 months.
India’s home-grown Paytm Payments Bank Ltd (PPBL) has today announced that 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. The bank continues to be the largest issuer of FASTags in the country and has equipped over 5 million vehicles with these tags. With this, Paytm Payments Bank 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% growth in FASTag sales in the next 3 months.
Unlike FASTags issued by other banks, Paytm FASTag doesn’t require any separate prepaid account to be created. The money for toll payments gets auto-debited from Paytm Wallet and the balance can also be used for shopping, recharges, bill payments, etc. It can be purchased with minimal documentation like vehicle registration number & certificate and is delivered free of cost at the registered address of the buyer.
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.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd said,
“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.”
FASTag is promoted by the National Electronic Toll Collection (NETC) program for making toll payments directly from the customers linked prepaid or savings/current account. 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 many others to offer pre-fitted Paytm FASTags at the time of vehicle purchase itself.
Keep visiting for more such awesome posts, internet tips, gadget reviews, and remember we cover,
“Everything under the Sun!”