Airtel Payments Bank, Park+ tie up to offer FASTag-based parking solutions

Airtel Payments Bank on Thursday announced a collaboration with Park+ to offer FASTag-based smart parking solutions to marquee commercial and residential properties across the country.

The partnership aims to leverage the distribution reach and digital payments stack of Airtel Payments Bank to digitise the parking ecosystem using FASTag associated with the vehicle, the company said in a statement.

Park+ operates in the area of automating parking spaces through FASTag and the majority of parking FASTag transactions in India are currently being processed through Park+ systems.

Park+ will offer its full suite of FASTag services including issuance, acquiring, recharge, and technology support to Airtel Payments Bank.

Airtel Payments Bank is among the top five issuers of FASTag in the country, the statement said adding that customers can purchase a FASTag in a matter of a few clicks from the banking section of the Airtel 'Thanks App'.

Park+ access control systems are installed at more than 1,500 societies, over 30 malls, and more than 150 corporate parks across the country.

"Beginning with the parking fee payments, both partners are working together to enable automatic cashless payment deduction from the valid FASTag associated with the vehicle. With cashless payments, visitors will save time and will no longer have to wait in a queue to make parking payments," it said.

Airtel FASTag customers will have access to analytics-based solutions offered by Park+. This includes solutions like toll predictor, timely low balance alerts, and automatic recharge top-ups.

We are delighted to partner with Park+ to offer innovative Fastag based parking solutions to our customers. With a higher number of people preferring private vehicles to travel these days, these solutions will enable customers to save time and smoothen their travel experience," Ganesh Ananthanarayanan, Chief Operating Officer (COO) of Airtel Payments Bank, said.