Money & Banking

Paytm Payments Bank launches India’s first FASTag-based metro parking facility

Our Bureau New Delhi | Updated on September 13, 2021

Enables operators to deduct parking charges from the account of car owners, in partnership with Delhi Metro Rail Corp

Paytm Payments Bank Ltd (PPBL) has enabled the country’s first FASTag-based metro parking facility in partnership with 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, thus eliminating the hassle of stopping and paying cash at the counter.

Additionally, Paytm Payments Bank has enabled a UPI-based payment solution for 2-wheelers entering the parking site, thus digitizing the entire parking payments at the site.

With the implementation of the PPBL powered FASTag system, car owners are no longer required to tender cash and parking fee is deducted directly from the wallet or account linked with the FASTag of the respective vehicles. Two-wheeler owners can also pay their parking fees digitally at the metro station via a simple UPI payment.

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Mangu Singh, MD, DMRC, said in a statement, “This is another step towards digitalization 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.”

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

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Satish Gupta, MD & CEO, Paytm Payments Bank Ltd said, “It has been our endeavour to expand the FASTag network in our country and empower our users with seamless & hassle-free travel. 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.”

Paytm Payments Bank is already India’s largest issuer of FASTags and acquirer of toll plazas for the National Electronic Toll Collection (NETC) program.

Published on September 13, 2021

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