Paytm Payments Bank launches India’s first FASTag-based metro parking facility
- Enables operators to deduct parking charges from the FASTag account of car owners, in partnership with DMRC
- Implements UPI-based payment solution for 2-wheelers entering the parking site
- Kashmere Gate metro station in the national capital becomes the first to have a fully digitized parking lot
- Will provide digital payment solutions for parking areas at shopping malls, hospitals, and airports
India’s homegrown Paytm Payments Bank Ltd (PPBL) has announced that it 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. Currently, the facility is available at the metro station's gate number 6 and it offers parking space for 174 two-wheelers & 55 four-wheelers.
Mangu Singh, MD, DMRC, said, “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 digitize 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 organized and unorganized sites. The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports.
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. 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 for using and recharging their FASTags. The issuance process is quick, easy & convenient, and doesn't require multiple documents or separate login credentials. Unlike tags from other banks which may require a couple of hours to get activated, PPBL FASTags are activated instantly from the moment users receive them. All FASTag transactions can be monitored on the Paytm app itself.