After launching its first FASTag-based parking services with the Delhi Metro Rail Corporation (DMRC), digital payment and financial services firm Paytm plans to deploy them across the country. On Monday, September 13, Paytm Payments Bank Ltd (PPBL) said it has enabled the country's first FASTag-based metro parking facility at the Kashmere Gate metro station in partnership with the Delhi Metro Rail Corporation.
The move is aimed at getting rid of the need to stop paying cash at parking facilities. PPBLwill facilitate the processing of all FASTag-based transactions for cars with a valid FASTag sticker at the metro parking facility. Two-wheeler users entering the parking facility can pay through a UPI-based payment method.
''This is another step towards digitalization in the DMRC's endeavour to provide solutions to our customers especially in these times when contactless transactional methods are the need of the hour,'' DMRC Managing Director Mangu Singh said in a statement issued by Paytm Payments Bank Ltd (PPBL).
Seamless Movement With FASTags
PPBL is currently working with several civic bodies across states to launch FASTag-based parking facilities both at organised and unorganised sites. PPBL is also in discussion with stakeholders to implement digital payment solutions for parking areas at hospitals, shopping malls, and airports, it added. PPBL managing director and CEO Satish Gupta s said '... We will continue to work with other parking providers across the country to adopt a safe and contactless payment solution by implementing the FASTag system."
In June, PPBL achieved the milestone of issuing one crore FASTags. According to data from the National Payments Corporation of India, over 3.47 crore FASTags were issued in India till the end of June this year by all banks together. FASTags are mandatory stickers for vehicles that enable seamless movement across toll plazas with payments being made digitally. These stickers ensure less waiting time when crossing toll booths, thereby saving time as well as fuel.