You are here: Home » Companies » News
Business Standard

Paytm Payments Bank issues 5 mn FASTags, aims to double in 3 months

PPBL is also enabling automatic cashless payments at 211 toll plazas across the country and has become the largest acquiring bank under National Electronic Toll Collection (NETC) programme

Paytm Payments Bank | FASTags

Press Trust of India  |  New Delhi 

FASTags to help NHAI bring transparency, check underreporting of collection

Ltd (PPBL) on Thursday said it has equipped over 5 million vehicles with FASTags, and is aiming to issue a similar number of tags in the next three months.

PPBL is also enabling automatic cashless payments at 211 toll plazas across the country and has become the largest acquiring bank under National Electronic Toll Collection (NETC) programme, a statement said.

"The bank continues to be the largest issuer of in the country and has equipped over 5 million vehicles with these tags. With this, has emerged as the largest facilitator of digital toll payments in the country," a statement said.

PPBL further aims to acquire another 100 toll plazas and achieve 100 per cent growth in FASTag sales in the next three months, it added.

The National Electronic Toll Collection (NETC) programme, the flagship initiative of the Ministry of Road Transport and Highways, has been implemented on a pan-India basis in order to remove bottlenecks and ensure seamless movement of traffic and collection of user fee as per the notified rates, using passive radio frequency identification (RFID) technology.

PPBL said in order to educate people about the convenience of cashless payment at toll plazas and to help vehicle owners purchase the tags, it has set up over 20,000 camps at toll plazas, residential parking lots, fuel stations and other commercial areas across the country.

"We are committed to increasing the adoption of digital toll payments in the country and making road travel seamless and time-efficient for everyone...All our efforts are aligned to boost 'Digital India' mission of our government and encourage cashless payments in our country," PPBL CEO and Managing Director Satish Kumar Gupta said.

PPBL has also partnered with the dealers of automobile manufacturers such as Maruti Suzuki, Hyundai Motor India, Honda Cars India, Kia Motors India Pvt Ltd, MG Motor India and others to offer pre-fitted Paytm at the time of vehicle purchase.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 29 2020. 22:08 IST