FASTag-based parking service to be launched across country by Paytm Payments Bank

Paytm Payments Bank Ltd (PPBL) has enabled FASTag-based parking services across the country, after launching it first with the Delhi Metro Rail Corporation (DMRC). On Monday, the digital payment and financial services firm enabled the metro parking facility in collaboration with DMRC. PPBL will facilitate the processing of every FASTag-based transactions for cars having a valid FASTag sticker which eliminates the need for stopping to pay cash at the counter at the Kashmere Gate metro station.

A UPI-based payment solution for two-wheelers entering the parking site has also been enabled by PPBL.

The statement said that 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

Digital payment solutions at parking areas

Paytm Payments Bank by issuing one crore FASTags in June, has become the first bank in the country to achieve this milestone. Until the end of June 2021, over 3.47 crore FASTags were issued by all banks together, according to NPCI data.

It is also in talks with different stakeholders to bring in digital payment solutions for parking areas at shopping malls, hospitals and airports.