According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of June 2021.
Paytm Payments Bank on Wednesday said it has become the first bank in the country to achieve the milestone of issuing 1 crore FASTags. According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of June 2021. Paytm Payments Bank (PPBL) now has close to 28 percent share as FASTag issuer bank, it said.
‘In the last 6 months alone, PPBL has equipped over 40 lakh commercial & private vehicles with FASTags. ‘Besides this, Paytm Payments Bank is also India’s largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution,’ it said in a statement.
According to PPBL, 280 out of the total 851 toll plazas across the national and state highways are now using its payment gateway to collect toll charges digitally. ‘Paytm Payments Bank is also working closely with NHAI for testing and implementing multi-lane free-flow movement using automatic number plate recognition technology.
‘This will further improve the overall customer experience while traveling on the national highways. Paytm FASTag is linked to the Paytm Wallet ensuring users don’t have to opt for multiple recharges,’ the statement said. PPBL claims to have won 82 percent of cases of payment disputes regarding toll payments on behalf of its customers.
‘The innovations that we have made in technology and the deep trust in our bank has helped us become the top issuer and the largest acquiring bank under the NETC programme. ‘We aim to continue taking the government’s initiative of building digital highways across the country further with our payments technology,’ Paytm Payments Bank Ltd MD and CEO Satish Gupta said.
According to draft documents filed by Paytm for its Rs 16,600 crore IPO, PPBL has 15.5 crore UPI handles on its platform. As of March 31, 2021, PPBL had 6.4 crore savings accounts, and over Rs 5,200 crore deposits, including savings accounts, current accounts, fixed deposits with partner banks, and balance in wallets.
Data firm RedSeer’s analysis shows that Paytm’s gross merchandise value at Rs 4,03,300 crore is the highest in the payments industry, while Paytm Payment Gateway has become the largest payment gateway aggregator in India based on total transactions.
Source: Business World