India’s 1st FASTag Based Parking Facility Started In Delhi Metro: How Will It Work?

India's 1st FASTag Based Parking Facility Started In Delhi Metro: How Will It Work?
India’s 1st FASTag Based Parking Facility Started In Delhi Metro: How Will It Work?

After launching its first project with Delhi Metro Rail Corporation, Digital payment and financial services firm, Paytm now plans to deploy FASTag-based parking services across the country.

Launch Of FASTag-based Parking Services 

On Monday, Paytm Payments Bank Ltd (PPBL) announced that it has enabled the country’s first FASTag-based metro parking facility in partnership with the Delhi Metro Rail Corporation (DMRC).

Being the 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.

This move will eliminate the need for stopping to pay cash at the counter.

In addition to that, now Paytm Payments Bank has also enabled a UPI-based payment solution for two-wheelers entering the parking site.

Step Towards Digitalization

DMRC Managing Director Mangu Singh said, ”This is another step towards digitalization in the DMRC’s endeavor to provide solutions to our customers especially in these times when contactless transactional methods are the need of the hour,” in a statement issued by PPBL.

With this move, Paytm Payments Bank became the first bank in India  to achieve the milestone of issuing one crore FASTags in June. 

So far, almost 3.47 crore FASTags were issued by all banks together till the end of June 2021 according to NPCI.

More In Future

”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,” as per the PPBL statement.

Apart from  this, the bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports.

The PPBL managing director and CEO, Satish Gupta said, ”We have endeavored to expand the FASTag network in our country. In this quest, we are excited to partner with the Delhi Metro Rail Corporation for enabling digital payment solutions at their parking facility. We will continue to work with other parking providers across the country to adopt a safe and contactless payment solution by implementing the FASTag system,”.

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