Paytm Payments Bank issued 4.5 lakh FASTags in December 2021
- IBEF
- January 18, 2022
In the month of December 2021, Paytm Payments Bank Ltd (PPBL) issued approximately 4.5 lakh FASTags, according to the company. FASTag sales increased by 11.33 percent from one month to the next. PPBL FASTag has gained a lot of traction in India because it provides easy onboarding with minimal paperwork, rapid activation, and excellent customer service. According to the corporation, PPBL FASTag has become a substantial contributor to onboarding new users, which is also driving income for the bank.
PPBL has issued about 1.24 crore FASTags so far, accounting for nearly 28.23% of the total FASTags issued by the country's 32 banks.
It is also one of the largest acquirers of Toll Plazas for the National Electronic Toll Collection (NETC) programme, which provides an interoperable toll payment solution across the United States. Over 200 toll plazas on national and state highways are now able to collect toll charges online thanks to the bank.
The most popular toll payment method in the country is PPBL FASTag, which allows users to pay directly from their Paytm wallet. To recharge their FASTags, users do not need to open a second account or download a wallet.
The issue procedure is simple, quick, and straightforward, and it does not necessitate the submission of various documents or separate login credentials. When users acquire PPBL FASTags, they are immediately activated. All FASTag transactions can also be tracked using the Paytm app.
By incorporating parking payment collection, the Bank has also added new unique use cases for FASTag. It recently teamed with the Delhi Metro Rail Corporation to digitise its parking lot and use FASTags to collect parking payments.
"We are pleased to play a key role in the Government of India's objective to digitise toll collection across all national highways and important state highways in the country," Satish Gupta, MD & CEO, Paytm Payments Bank Ltd, stated. "Paytm FASTag is preferred by users because it is integrated with the Paytm Wallet and does not require them to form a separate account. We intend to keep leveraging our technology and financial skills to provide a smooth and convenient toll payment experience."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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