TECHNOLOGY

Paytm to Launch FASTag-Based Parking Service Across India

Paytm plans to deploy FASTag-based parking services across the country after launching the first such project with Delhi Metro Rail Corporation.

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

As an acquiring bank for the parking facility at the Kashmere Gate metro station, PPBL will facilitate the processing of all FASTag-based transactions for cars having a valid FASTag sticker which eliminates the need for stopping to pay cash at the counter.

Moreover, Paytm Payments Bank has enabled a UPI-based payment solution for two-wheelers entering the parking site.

“This is another step towards digitalisation 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 PPBL.

Paytm Payments Bank became the first bank in the country to achieve the milestone of issuing one crore FASTags in June. According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of June 2021.

“PPBL will digitize parking facilities across the country with Kashmere Gate metro station being the first one to be powered by the bank’s digital payment solution. The bank is closely working with various municipal corporations across several states to initiate FASTag-based parking facilities both at organized and unorganized sites,” the statement said.

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