Digital payments company Paytm has prepared around 1 million Fastag toll transactions in the month of November and has set a target of getting around 10 lakh vehicles with the Paytm Fastag sticker by the end of March of next year.
Partnering to make Digital toll Collection Easier
To facilitate this digital toll collection, the payments bank has partnered with National Payments Corp of India and National Highways Authority of India. It has also tied up with automobile manufacturers and dealers like Maruti, Hyundai, Tata among others.
About the Radio Frequency Identification Technology
The radio frequency identification technology (RFID) will allow vehicles to travel through 380 toll plazas across 55000 kms of national highways without stopping. The toll sum will naturally get deducted from the client’s record associated with the tag, which for this situation could be a Paytm payments bank account.
Running a Special Scheme for Toll Payments
Paytm bank is also running a special scheme of 7.5% of cashback for every toll payment through this process to push up adoption.
“The Paytm Fastag will bring the benefits of cashless payments to every toll and will also offer convenience to commuters in India. It will also improve transparency and overall efficiency of the country’s toll network,” said Renu Satti, chief executive officer at Paytm Payments Bank.