Fri. Mar 29th, 2024

Collaborating with Delhi Metro Rail Corporation (DMRC), homegrown digital payment and financial services firm Paytm is all set to deploy FASTag-based metro parking facility across the country. This is a first-time attempt to digitalize the entire parking payments system using FASTag technology.

The Kashmere Gate metro station will be the first station to be spun into the project. Paytm Payments Bank Ltd (PPBL) as an acquiring bank of the metro station, will enable the processing of all FASTag-based transactions for cars having a valid FASTag sticker, which would subsequently eliminate the need to stop and pay cash at the counter, making the parking services smoother and faster.

Under the PPBL initiated FASTag system, the parking fee will be directly deducted from the car owner’s digital wallet or the bank account linked with the FASTag of the vehicle. For two-wheelers entering the parking lot, UPI based payment option at the station has been enabled. This facility is only available at the metro station’s gate number 6 at the moment which offers a parking space for 55 four-wheelers and 174 two-wheelers. Adopting FASTag based parking services enabled by Paytm would allow people to avoid creating a different account for FASTag payments, and users without a FASTag can generate one quite easily through simple steps and basic documents, along with immediate activation. The transactions can be monitored on the Paytm app itself when needed.

As stated by Mangu Singh, MD of DMRC, “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 also shared this view along with mentioning its vision to utilise the FASTag technology on a nationwide scale. “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,” PPBL MD and CEO Satish Gupta was quoted saying.

The payment platform shared that it is partnering with various municipal corporations across states to establish FASTag based parking system at both organized and unorganized levels. The company is also in talks with various stakeholders for implementing the same initiative at other public places like hospitals, shopping complexes and airports.

Paytm has already achieved the milestone of issuing one-crore FASTags by June 2021, the only bank currently to do so. The bank is also the largest acquirer of Toll Plazas for the National Electronic Toll Collection program.

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