Hyderabad: Paytm bank has become the first bank in the country to achieve the mile stone of issuing one crore FASTags said Paytm CEO and MD Satish Gupta. It is overwhelming to lead the adoption of digital toll payments in India by offering a seamless & hassle-free FASTag service to both our users and toll operators, he said.

Paytm Payments Bank becomes the first bank in India to issue 1 crore FASTags, largest acquirer bank for payment collection at 280 toll plazas. Paytm issued over 40 lakh FASTags in the period of Jan-Jun 2021 alone largest acquirer bank enabling 280 toll plazas to collect toll-charges digitally, he said.

Paytm working with NHAI for implementing multi-lane free-flow toll travel using automatic number plate recognition technology. This is almost 30% of the total FASTags issued by 32 banks in the country. 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.

This will further improve the overall customer experience while travelling on the national highways. Paytm FASTag is linked to the Paytm Wallet ensuring users don’t have to opt for multiple recharges. The bank has also set up an efficient customer dispute redressal mechanism.

He also said 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 National Electronic Toll Collection programme. We aim to continue taking the government’s initiative of building digital highways across the country further with our payments technology.

PPBL FASTag has become the country’s most preferred toll payment method as it allows users to directly pay from the Paytm Wallet. Users do not need to create any separate account or download a wallet to recharge their FASTags, he said. PPBL FASTags are activated instantly from the moment users receive them. All FASTag transactions can be monitored on the Paytm app. India’s leading digital payments and financial services Paytm filed its DRHP on Friday, for SEBI’s approval for its $2.2 billion IPO. In its prospectus, the numbers of Paytm Payments Bank revealed how the company is faring in the UPI game.

Paytm Payments Banks had 64 million savings accounts as of March 31, 2021, and over ₹52 billion deposits, including savings accounts, current accounts, fixed deposits with partner banks, and balance in wallets, as stated in the DRHP.