FASTag: Paytm Payments Bank becomes India's No. 1 issuer of electronic toll payment stickers
FASTag: Paytm Payments Bank on 10th December 2019 announced that it has become the largest issuer of FASTags and is accelerating the highest adoption of electronic toll payments in India.
FASTag: Paytm Payments Bank on 10th December 2019 announced that it has become the largest issuer of FASTags and is accelerating the highest adoption of electronic toll payments in India. The bank has equipped over 1.85 million vehicles with FASTags and is aiming for another 3 million before December 2019. Within a year, the bank has sold around 20 per cent of all FASTags issued in India and is actively expanding its reach.
Speaking on the breakthrough in issuing FASTag Paytm Payments Bank Spokesperson said, “It is overwhelming to lead the adoption of digital toll payments in the country. Our efforts are aligned with the government's mission to ensure that vehicles are well equipped with toll tags before 15th December. We are expanding our reach to more toll plazas across national and state highways.”
See Zee Business Live TV streaming below:
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 is also India’s 2nd largest acquirer bank available at over 110 toll plazas and is rapidly expanding across national & state highways. It has partnered with 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.
While over 250 camps have been set up at toll plazas, another 500 have been arranged in corporate offices, residential societies and parking lots in the top 20 cities including Delhi NCR, Bengaluru, Mumbai, Hyderabad, Chandigarh, Pune, Chennai and Jaipur. The bank is further boosting the sale of FASTags by deploying 3500 business correspondents in all the major cities and towns.
To further accelerate the adoption, PPB acquired Shahjahanpur Toll Plaza in Rajasthan, which has registered the highest electronic toll collection in India. Furthermore, the bank efforts have contributed 50 per cent digitization at Makhel Toll Plaza in Gujarat, which is also the highest in the country.