Paytm Payments Bank Has Issued Over 6 Million FASTags & Enabled Cashless Payments on 250 Toll Plaza's
FASTag has been in the news these days. With the government extending the deadline for making FASTag mandatory on highways, people have been hearing a lot about FASTags in the news, on the internet, and around their own social circles. Given that the topic is trending, India's Paytm Payments Bank took the opportunity to boast about its feat of becoming the leading issuer of FASTag in the country with over 6 million FASTags being issued via Paytm Payments Bank. Further, Paytm said that its Payments Bank has enabled cashless toll payments across 250 toll plaza's in the country.
In its announcement, Paytm said that Paytm FASTag has become the country's most preferred toll payment method as it allows users to directly pay from the Paytm Wallet. Users do not need to create any separate account or download a wallet to recharge their FASTags. Tags issued by other banks require buyers to provide multiple documents like ID proof, photographs, share personal details, and maintain separate accounts and login credentials. Also, unlike tags from other banks which may require a couple of hours to get activated, Paytm FASTags are activated instantly from the moment users receive it. All FASTag transactions can be monitored on the Paytm app. Users can raise complaints on the app itself which are addressed by a dedicated customer support team working 24x7, the company said.
FASTag contactless payments system is now mandatory for all vehicles for paying the toll charges while crossing any toll plazas across national highways in India, from February 15. This comes as part of the government’s push for enabling contactless and electronic toll payments at all toll plazas on national highways. It is expected that this will increase efficiency of processing transactions and reduce waiting time at toll plazas for vehicles, in comparison with the time taken to process cash transactions.