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Last Updated : Jan 14, 2020 04:15 PM IST | Source: Moneycontrol.com

Paytm issues 3mn FASTags in past 1 month, to hit 5mn before FY20-end

Looking to expand its reach in this area, the company plans to offer pre-fitted Paytm FASTags at the time of vehicle purchase

Representative Image
Representative Image

Hitting the three million milestone, Paytm has now become the largest issuer of FASTags in India. The company now aims to add another two million to its count by March, it said in a release.

Satish Gupta, MD and CEO, Paytm Payments Bank, said in a statement, "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."

In the past one month, Paytm said it has issued almost 40 percent of all the FASTags issued in the country.

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Looking to expand its reach in this area, the company plans to offer pre-fitted Paytm FASTags at the time of vehicle purchase. For this purpose, Paytm Payments Bank has tied up with automobile manufacturers like Maruti Suzuki, Hyundai Motor India, Honda Cars India, Kia Motors India Pvt, MG Motor India, among others.

As part of its outreach efforts to promote cashless payments, Paytm has set up over 300 camps at toll plazas across the country.

"The bank is further boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across India," the company said in the release.

Paytm has already installed interoperable toll payment options at nearly 110 plazas across the country under the National Electronic Toll Collection (NETC) programme. With this, it has grown to become the second largest acquiring bank, it added.

FASTags are reloadable electronic toll collection cards stuck to the windshield of vehicles. The purpose is to eliminate traffic at highway toll plazas by removing the need to stop at plazas for toll payment.

FASTags were made mandatory in December 2019 for all vehicles plying on national highways across India. However, the deadline was extended and the rule is now set to come into effect from January 15.

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First Published on Jan 14, 2020 04:15 pm
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