Paytm Payments Bank is doubling down on its Fastag business, with the ease of ensuring transactions through the wallet, the bank wants to capture a massive chunk of toll payments flowing through the banking channels
Digital payments major Paytm Payments Bank has enabled automatic cashless payments at 211 toll plazas across the country and has issued more than 5 million Fastags for vehicles, the company said in a press note today.
The company has set a target of digitising 100 more toll plazas and is aiming for 100% growth in this vertical over the next three months.
Paytm Fastag allows consumers to use their Paytm app for all Fastag payments, the money gets auto debited from the Paytm wallet. The same wallet can be used for all other commercial activities on Paytm.
Fastag is an automatic system of toll collection, run by the National Payments Corporation of India in partnership with Indian Highways Management Company.As per latest numbers shared by NPCI, in September 110 million transactions were reported on Fastags and 27 banks together have issued more than 1.9 crore tags.