Paytm to Introduce Fastag-based Parking Service
Paytm Payments Bank has enabled a UPI-based payment solution for two-wheelers entering the parking site
Digital payment and financial services firm Paytm plans to deploy FASTag-based parking services across the country after having launched the first such project with Delhi Metro Rail Corporation.
Paytm Payments Bank Ltd (PPBL) on Monday said it has enabled the country's first FASTag-based metro parking facility in partnership with the Delhi Metro Rail Corporation (DMRC).
As an 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 which eliminates the need for stopping to pay cash at the counter.
Additionally, Paytm Payments Bank has enabled a UPI-based payment solution for two-wheelers entering the parking site.
"This is another step towards digitalisation in the DMRC's endeavour to provide solutions to our customers especially in these times when contactless transactional methods are the need of the hour," DMRC Managing Director Mangu Singh said in a statement issued by PPBL.
Paytm Payments Bank became the first bank in the country to achieve the milestone of issuing one crore fastags in June. According to NPCI, over 3.47 crore fastags were issued by all banks together till the end of June 2021.
"PPBL will digitise 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 organised and unorganised sites," the statement said.
The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports, it added.
"It has been our endeavour 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," PPBL managing director and CEO Satish Gupta said.