Paytm Will Give 1 Lakh FASTags To Drivers; Joins Forces With Ola, Uber For Instant FASTag Recharge
Paytm Payments Bank has entered into a partnership with ride-hailing companies, including Ola and Uber for convenient purchase and recharge of FASTags across the country. Around 1,00,000 drivers will be a part of this scheme.
Read on to find out more…
Paytm and FASTags!
FASTag is an electronic toll collection system, operated by the National Highway Authority of India. FASTag is a RFID (Radio Frequency Identification Device) sticker fixed to the windshield of the car enabled via barcode and is connected to the registration details of the car. This enables automatic deduction of the toll tax from the prepaid or savings account linked to it and lets the vehicles pass without stopping thus decreasing the waiting and processing time.
After the Centre, in January, made it mandatory for commercial and private vehicles in the country for the implementation of FASTags Paytm has been heavily focusing on selling FASTags. The company claims to be the largest issuer of FASTags in India having sold over 3 million of these so far.
Paytm gets upper hand over other banks as the Paytm FASTag doesn’t require a separate prepaid account. The money for toll payments gets auto-debited from Paytm wallet.
A New Campaign by Paytm!
Paytm has set up over 12 camps at Uber Green Zones across all major cities, including Delhi-NCR, Bangalore, Chennai Kerala, Hyderabad, Kolkata, Guwahati, Pune, Ahmedabad, Mumbai, and Chandigarh to ease the purchase and use Paytm FASTags.
To step up the adoption of electronic toll payments in the country, the payment firm is also working with Ola at Bangalore airport and other local locations in the city including Indira Nagar, Devanahalli, and Electronic City transport hubs.
Satish Kumar Gupta, managing director, Paytm Payments Bank in a statement said, “We are happy to partner with Ola and Uber and bring their driver-partners to the formal banking system. We have a dedicated team to train them about how to use Paytm FASTags. We are also encouraging them to use Paytm banking services to transact digitally. Our efforts are well-aligned with the government’s mission to ensure vehicles are equipped with toll tags before 15th January.”
This new development, targeting gig economy drivers, comes just days after Paytm renewed its exclusive payment partnership with Uber.