Paytm Payments Bank Ltd (PPBL) provided the first land parking in the FASTag-based country in partnership with Delhi Metro Rail Corporation (DMRC).
As a takeover bank for parking at Kashmere Gate Metro Station, PPBL will facilitate the processing of all FASTag-based transactions for cars with a valid FASTag sticker, eliminating the hassle of stopping and paying cash at the counter.
In addition, Paytm Payments Bank has provided a UPI payment solution for two-wheelers entering the car park, thus digitizing the entire parking charge at that location.
With the implementation of the FASTag system powered by PPBL, car owners are no longer obliged to hand over cash, and the parking fee is deducted directly from the wallet or account associated with the FASTag of the respective vehicles. Two-wheeler owners can also pay for their parking space digitally at the metro station via a simple UPI payment.
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Mangu Singh, MD, DMRC, said in a statement: “This is another step towards digitalization in DMRC’s efforts to offer its customers solutions, especially in these times when contactless transaction methods are needed by the hour.”
PPBL will digitize parking lots across the country, and Kashmere Gate Metro Station will be the first to be equipped with a banking solution for digital payment.
The Bank works closely with various municipal corporations in several countries to launch FASTag-based parking lots, both in organized and unorganized locations. The bank is also talking to various stakeholders about the implementation of digital parking payment solutions in shopping malls, hospitals and airports.
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Satish Gupta, MD and CEO, Paytm Payments Bank Ltd said: “Our attempt was to expand the FASTag network in our country and empower our customers without problems and travel. In this quest, we are excited to partner with Delhi Metro Rail Corporation to provide digital payment solutions in their parking lot. We will continue to work with other parking service providers across the country to adopt a secure and contactless payment solution using the FASTag system. ”
Paytm Payments Bank is already India’s largest issuer of FAST labels and acquirer of toll plazas for the National Electronic Toll Collection Program (NETC).