Paytm Bank FASTags: As many as 6 lakh tags issued in November
Paytm Payments Bank has today 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 further aiming another 3 million before December 2019. Within a year, the bank has sold 20% of all FASTags issued in India and is actively expanding its reach.
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. (Photo: Reuters)
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. (Photo: Reuters)
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. (Photo: Reuters)
The bank is further boosting the sale of FASTags by deploying 3500 business correspondents in all the major cities and towns. (Photo: Pixabay)
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% digitization at Makhel Toll Plaza in Gujarat, which is also the highest in the country. (Photo: Reuters)