Payment bank has set up multiple camps across the country for people to conveniently purchase FASTags to accelerate the adoption of electronic toll payments.
New Delhi: Paytm Payments Bank Ltd (PPB), India's largest and only profitable Payment bank has set up multiple camps across the country for people to conveniently purchase FASTags to accelerate the adoption of electronic toll payments. While over 250 camps have been set up at toll plazas, another 500 have been arranged in corporate offices, residential societies and parking lots in the top 20 cities including Delhi NCR, Bengaluru, Mumbai, Hyderabad, Chandigarh, Pune, Chennai and Jaipur.
The bank is further boosting the sale of FASTags by deploying 3500 business correspondents in all the major cities and towns. It is already the largest issuer of FASTags in India and is further aiming to equip over 3 million vehicles with FASTags in the coming months. In addition to this, the bank is also the acquiring bank of more than 110 toll plazas in India and plans to acquire another 100 toll plazas in the coming year.
The FASTag is a simple and reusable tag that works on the Radio-Frequency Identification (RFID) technology. It needs to be affixed on the vehicle’s windshield. Each tag is linked to a pre-paid wallet to facilitate instant automatic deduction of toll charges. Paytm Payments Bank has partnered with the National Highways Authority of India (NHAI) as a part of the National Electronic Toll Collection (NETC) program to allow easy zipping through highway tolls using the Paytm FASTag.
How to purchase Paytm FASTag?
You can purchase Paytm FASTag for your vehicle here. For private vehicles, it costs Rs. 500, out of which Rs 250 is for security deposit, Rs 150 is the minimum balance that needs to be maintained and Rs 100 is the tag issuance cost. FASTag purchase can also be done on the Paytm app.
The FASTag will be delivered at your doorsteps free of cost following your purchase. It will be activated post validation of RC scans submitted by you. Paytm FASTag can be recharged with your Paytm Wallet using UPI or your bank account.
With FASTag purchase, the user is entitled to receive a 2.5 per cent cashback on all NHAI toll transactions throughout FY2019-20. Moreover, the user can win a free movie ticket as well.