Paytm Payments Bank Ltd (PPBL) has announced that it became the “first bank" in India to achieve the milestone of issuing one crore FASTags. The company claims the current development is almost 30 percent of the total FASTags issued by 32 banks in the country. In the last six months alone, PPBL has equipped over 40 lakh commercial and private vehicles with FASTags. FASTag is an electronic toll collection system in India, operated by the National Highway Authority of India. It essentially aims at a free movement of vehicles at toll plazas, where vehicles are not required to stop and pay tolls.
PPBL’s latest announcement comes months after it announced that the company became India’s “largest acquirer of Toll Plazas" for the National Electronic Toll Collection (NETC) programme, which offers an interoperable nationwide toll payment solution. So far, the bank has enabled 280 toll plazas across the National and State highways to collect toll charges digitally. Paytm Payments Bank is also working closely with NHAI for testing and implementing multi-lane free-flow movement using automatic number plate recognition technology. In a press note, the company explains that would improve the overall customer experience while travelling on the national highways. Paytm FASTag is linked to the Paytm Wallet ensuring users don’t have to opt for multiple recharges.
The bank has also set up an customer dispute redressal mechanism, which identifies incorrect deductions and immediately raises claims to reverse the extra charges. Back in February, the bank announced it facilitated refunds for 2.6 lakh FASTag users who were charged “incorrectly" by toll plazas last year. Speaking over the development, Satish Gupta, chief officer at Paytm Payments Bank Ltd said the company aims to continue taking the “government’s initiative of building digital highways across the country" with its digital payments technology."
Meanwhile, Paytm recently filed its DRHP (IPO Draft Prospectus), for SEBI’s approval for its $2.2 billion IPO. As of March 31 this year, PPBL had 64 million savings accounts, and over Rs 52 billion deposits, including savings accounts, current accounts, fixed deposits with partner banks, and balance in wallets, as stated in the DRHP.