Paytm to deploy FASTag-based parking services across the country
Digital payments platform Paytm has informed that it will launch FASTag-based cashless parking facilities across the country after it opened its first such facility at the Kashmere Gate metro station in collaboration with the Delhi Metro Rail Corporation. The move is aimed at eliminating the need to stop for paying cash at parking facilities as well as saving time and effort.
Paytm Payments Bank Ltd (PPBL) will be responsible for facilitating the processing of all FASTag-based transactions for cars with a valid FASTag sticker at the metro parking facility. The two-wheelers entering the parking facility can make payment through a UPI-based payment method. “PPBL will digitize parking facilities across the country with Kashmere Gate metro station being the first one to be powered by the bank's digital payment solution," the company's MD and CEO, Satish Gupta, said in a statement.
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Paytm is currently working with several municipal corporations across states to launch FASTag-based parking facilities both at organized and unorganized sites. Further, the payments bank is holding discussions with various stakeholders across shopping malls, hospitals and airports in the country to implement digital payment solutions. “It has been our endeavour to expand the FASTag network in our country. We will continue to work with… parking providers… to adopt a safe and contactless payment solution," Gupta added.
In June, PPBL became the first bank in the country to achieve the milestone of issuing one crore FASTags. As per data from the National Payments Corporation of India, over 3.47 crore FASTags were issued in the country till the end of June this year by all banks together.
FASTag are mandatory stickers for vehicles in the country which enable seamless movement across toll plazas with payments being made digitally. The FASTag stickers ensure less waiting time when crossing toll booths, thereby saving time as well as fuel.