Paytm Payments Bank has announced that it has achieved a milestone by issuing 3 million FASTags to customers and thus becoming the largest FASTag issuer in the country. This has accelerated the adoption of electronic payments across toll plazas.
FASTag is a digital toll collection system which is operated by the National Highway Authority of India. Toll payments are done directly from the savings account using Radio Frequency Identification Technology. It allows you to pay directly through the Paytm wallet without the requirement to create another wallet or recharge.
Satish Gupta, the CEO of Paytm Payments Bank stated that “this milestone is a testament to the efforts we are putting in the Digital India vision of the government. We will continue to work towards the adoption of digital toll payments in the country”.
The Paytm Payments Bank has issued 40% of its FASTags last month and is looking forward to expanding its reach. They want to make this digital/electronic collection system to reach 5 million vehicles by March 2020. PPB is now the second-largest acquiring bank in India for National Electronic Toll Collection.
The FASTags require very minimum documentation like vehicle registration number and certificate for a purchase and are delivered free of cost. They enable automatic toll payments in 110 toll booths across the country to help travellers with smooth road travel.
The PPB has also started 300 camps across the toll plazas to educate people about the convenience of electronic cashless payment methods. The Paytm Payments Bank is now the leader in Electronic Toll Collection and it has the highest registered toll collection in Shahjahanpur. Another achievement is that the 50% digitization of toll collection in Makhel Toll Plaza in Gujarat.