Page 4 - Fastag

Now you can use FASTag on car to pay for parking spot at Varanasi airport

Airtel Payments Bank, a FASTag issuer, has collaborated with Park+ to enable FASTag-based smart parking solution at Varanasi's Lal Bahadur Shastri Airport. The FASTag-based smart parking solution enables automatic cashless payments at airport parking, making vehicle movement in the parking zone frictionless and time efficient. The parking fee payment is deducted through the valid FASTag associated with the vehicle, a process that reduces time required to make the payment. A statement announcing the collaboration between Airtel Payments Bank and Park+ said with this, the local residents can now use the FASTag on their car to pay for a parking spot at the Varanasi airport. The two entities are working together to streamline the payment process by reducing the time spent in queues at major parking lots across the country and will soon make the service live at other city airports also. Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank said with the partnership,

UPI falls marginally in June to Rs 14.7 trn, with 9.33 transactions

Based on data from NPCI, compared to the same month last financial year, transaction volume rose by 59% and value by 45%

HC seeks Centre's response on plea asking banks to pay interest on FASTag

The Delhi High Court has sought response of the NHAI and the Centre on a plea seeking to direct banks to pay interest to the authorities on the money collected by them with the issue of FASTag and minimum balance requirement on the card. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad issued notices to the National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRT&H) on an application which pleads that with the issuing of FASTag, thousands of crores of rupees have entered the banking system without any corresponding benefit either to the commuter community or to NHAI or MoRT&H. The court granted four weeks time to the authorities to file their replies to the application and listed the matter for further hearing on August 10. The application was filed in a pending petition that challenges a rule which compels vehicles without FASTag to pay double the toll tax. The petition contended that the rule was ...

FASTag's daily collection reaches all time high of Rs 193 cr on April 29

The National Highways Authority of India (NHAI) on Tuesday said the daily toll collection through FASTag system reached an all-time high of Rs 193.15 crore on April 29, with 1.16 crore transactions recorded in a single day. NHAI in a statement further said since FASTag was mandated by the government in February 2021, the number of toll plazas under FASTag programme has increased from 770 to 1,228, including 339 state toll plazas. FASTag uses radio-frequency identification (RFID) technology, which provides users a smooth crossover at toll plazas without halting. The payment is made digitally through the FASTag linked to the bank wallet. In addition to its effectiveness in toll collection, FASTag has also facilitated seamless and secure contactless payment for parking fees at over 140 parking lots in 50+ cities across India, NHAI added. NHAI also said it is actively working towards finalizing the necessary requirements for implementation of Global Navigation Satellite System (GNSS)

Cars on highways to be offered insurance cover using Fastag soon: Report

Centre may also come up with a plan to provide third-party insurance cover for motor vehicles when they are impounded by traffic police or transport department officials

FASTag collections hit Rs 50,000 cr in 2022, up 46% YoY: NHAI data

Data pegs monthly toll collections at Rs 4200 crore, signalling stronger adoption in national and state highways

HC asks NHAI to respond to plea challenging collection of double toll tax

The Delhi High Court sought on Friday the response of the National Highways Authority of India (NHAI) and the Centre to a plea challenging the rule making it compulsory for vehicles without FASTag to pay double the the toll tax. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad issued notices to the NHAI and the Ministry of Road Transport and Highways (MoRT&H) on the petition which contended that the rule was discriminatory, arbitrary and against public interest as it empowers the NHAI to collect toll at double the rate, if paid in cash. The high court granted four weeks to the authorities to file their replies and listed the matter for further hearing on April 18. Petitioner Ravinder Tyagi, represented by advocate Praveen Agrawal, has sought the quashing of a provision of the National Highway Fees (Determination of Rates and Collection) Amendment Rules, 2020 read with MoRT&H letters and NHAI circular due to which commuters without a FASTag on their

FASTag in fast lane: Spike in adoption lifts toll collection past Rs 33K cr

Adoption of fastag by travellers in the country has recorded a significant rise following the declaration of all lanes of fee plazas on National Highways as FASTag Lane

Top headlines: India Inc divided over new apps, tax revenues at record high

Business Standard brings you the top headlines this morning

After a sprint, a pause for breath

2021 not only saw record funding creating a third of the country's unicorns, but also the first major listings, providing new valuation anchors

For FASTag, EV charging is the next big opportunity: Numadic CEO

The introduction of FASTag has almost entirely digitised governance in transport, which was until very recently a 100 per cent cash industry: Numadic CEO

Taking immediate steps to comply with RBI directions: Paytm Payments Bank

This is the third time that Vijay Shekhar Sharma-promoted Paytm Payments Bank (PPBL) is facing action from the banking regulator since its inception in May 2017

What's in-car payment?

Technology, sure, is making our lives easier. After FASTag cut short our waiting time at toll plazas, more plans are afoot for similar experiments. Let us see what they are, in this report

Paytm Payments Bank issues over 450,000 FASTags in December

Paytm Payments Bank on Monday said it issued over 4.5 lakh FASTags in December 2021, registering 11.33 per cent rise as compared to the previous month. Paytm Payments Bank Ltd (PPBL) claims to have led the market in the FASTag segment with 28.2 per cent market share. The firm said it issued 4,51,463 FASTags in December 2021 as against 4,05,541 in November, cementing its leadership position in the digital toll payments in the country. "Till now, Paytm Payments Bank has issued a total of 1,24,83,038 out of 4,42,23,583 FASTags issued by all 35 banks together," a company spokesperson said. PPBL has toll collection in over 200 toll plazas across national and state highways. "Users prefer Paytm Fastag, as it's linked to the Paytm Wallet and does not require them to create any separate account. We hope to continue to leverage our technology and banking expertise to offer seamless & convenient toll payments experience," PPBL MD and CEO Satish Gupta said.

TMS, Ep 43: India at COP26, way ahead for MFIs, EMs in 2022, and FASTags

Is India on the wrong side of climate action with its COP26 commitment? What's the road ahead for microfinance institutions? What is FASTag and how does it work? Find the answers here

FASTag toll collection reaches record Rs 3,356 crore in October

The government made FASTags mandatory from February 15 midnight

Paytm launches India's first FASTag-based facility at Delhi Metro parking

Paytm has enabled a UPI-based payment for two-wheelers entering the parking site, thereby digitising the entire parking payments

Paytm to launch FASTag-based parking service across India; starts with DMRC

Paytm Payments Bank Ltd (PPBL) on Monday said it has enabled the country's first FASTag-based metro parking facility in partnership with the Delhi Metro Rail Corporation (DMRC).

Karnataka Bank launches KBL FASTag for seamless toll deduction

Karnataka Bank on Wednesday launched KBL FASTag for seamless movement of vehicles at toll plazas by facilitating automatic deduction of the toll amount. Karnataka Bank launched its KBL FASTag, a pre-loaded payment instrument to facilitate seamless movement of vehicles at the toll plazas across India, in association with NPCI and Worldline, the FASTag processor, the bank said in a release. Mahabaleshwara MS, Managing Director and CEO of the Bank said: "The FASTag facilitates the users with the ease and convenience during transit through the toll plaza by saving time, fuel and money". Customers can procure FASTag through the bank's website or by approaching the nearby branch, said the lender. A FASTag can be pre-loaded digitally for the required amount and can be recharged online through credit card, debit card, net banking, IMPS, among others. While driving through a toll plaza, the applicable toll amount gets automatically debited through the sensors at the plaza and the driver ge

Covid-19 second wave: Digital payments drop as state impose curbs

UPI saw a 4.3 per cent dip in transaction volume and a 2.22 per cent dip in transaction value