Paytm Payments Bank issues 5 mn FASTags, aims to double in 3 months
Paytm Payments Bank Ltd (PPBL) on Thursday said it has equipped over 5 million vehicles with FASTags, and is aiming to issue a similar number of tags in the next three months.
PPBL is also enabling automatic cashless payments at 211 toll plazas across the country and has become the largest acquiring bank under National Electronic Toll Collection (NETC) programme, a statement said.
“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,” a statement said.
PPBL further aims to acquire another 100 toll plazas and achieve 100 per cent growth in FASTag sales in the next three months, it added.
The National Electronic Toll Collection (NETC) programme, the flagship initiative of the Ministry of Road Transport and Highways, has been implemented on a pan-India basis in order to remove bottlenecks and ensure seamless movement of traffic and collection of user fee as per the notified rates, using passive radio frequency identification (RFID) technology.
PPBL said in order to educate people about the convenience of cashless payment at toll plazas and to help vehicle owners purchase the tags, it has set up over 20,000 camps at toll plazas, residential parking lots, fuel stations and other commercial areas across the country.
“We are committed to increasing the adoption of digital toll payments in the country and making road travel seamless and time-efficient for everyone…All our efforts are aligned to boost ‘Digital India’ mission of our government and encourage cashless payments in our country,” PPBL CEO and Managing Director Satish Kumar Gupta said.
PPBL has also partnered with the dealers of automobile manufacturers such as Maruti Suzuki, Hyundai Motor India, Honda Cars India, Kia Motors India Pvt Ltd, MG Motor India and others to offer pre-fitted Paytm FASTags at the time of vehicle purchase.