PayTm launches new service, users will get advantage
India's largest digital bank - PayTm Payments Bank has started its new service PayTm Fastag. PayTm Fastag will allow the vehicles to pass through the toll plaza without any hassle and will bring benefits of cashless payment in each toll in India. On December 3, the company announced the introduction of the PayTm Fastag system to enable electronic toll fee collection on all highways of the country. This announcement is to support the government's move to make Fastag mandatory in all new vehicles sold from December 1.
PayTm Fastag, based on Radio Frequency Identification Technology (RFID), is an easy tag that can be installed on the windscreen of cars which will allow the drivers to go through 380 toll plazas spread all over 55,000 kilometers across India without stopping their car.
This project has been run in partnership with Indian National Highway Authority (NHAI) and NPCI. Each tag is automatically linked to the registered PettyM account to automatically cancel the toll fee. In November alone, the bank has processed more than 10 million Fastest Toll transactions. At present PayTm Payments Bank is working with producers and dealers of upcoming cars and commercial vehicles to provide Patmem Fastgaga in India, including Maruti, Hyundai, Tata, Mercedes, Renault, BMW, Volkswagen, Volvo, and many other car manufacturers.
Apart from this, owners of old cars can buy Fastag on the PayTm app online. Customers using PayTm Fastag will receive 7.5 percent cash back in each toll transaction. By the end of this financial year, the bank expects the number of cars using PayTm Fastag to cross 10 lakhs.
PayTm Payments Bank CEO and MD Renu Satti said that due to the cash payment in toll plaza, the time and fuel of humans is wasted only because the workers and the car drivers have to be two to four from the difficulties of the remuneration. In addition to facilitating drivers, it will also help improve the transparency and overall efficiency of the toll network of the country.
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