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Paytm eyes to issue 5mn FASTags in 3 months

Paytm

Fintech start up, Paytm Payments Bank Ltd (PPBL) 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.

Also Read: Paytm launches Mini App Store

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.

Also Read: Paytm enters credit card business; aims 20 lakhs subscribers in 12-18 months

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.

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