Paytm Payments Bank partners Ola, Uber to issue FASTags to 1 lakh drivers
Bengaluru: Paytm Payments Bank has entered a strategic partnership with ride-hailing companies, including Ola and Uber, to allow some 100,000 drivers convenient purchase and recharge of FASTags across the country.
To facilitate purchase and use Paytm FASTags, the payments firm has set up over 12 camps at Uber Green zones across all major cities, including Delhi-NCR, Bangalore, Chennai Kerala, Hyderabad, Kolkata, Guwahati, Pune, Ahmedabad, Mumbai, and Chandigarh.
Paytm is also working with Ola at Bangalore airport and other local locations including Indira Nagar, Devanahalli, and Electronic City transport hubs to fasten the adoption of electronic toll payments in India.
The new campaign, targeting gig economy drivers, comes just days after Paytm renewed its exclusive payment partnership with Uber.
Paytm has been heavily focusing on selling FASTags after the Centre, in January, made it mandatory for commercial and private vehicles in the country. The payments firms claims to be the largest issuer of FASTags in the country, having sold over 3 million of these so far.
Unlike FASTags issued by other banks, Paytm FASTag doesn’t require a separate prepaid account. The money for toll payments gets auto-debited from Paytm wallet.
FASTag is an electronic toll collection system, operated by the National Highway Authority of India. It employs Radio Frequency Identification technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.
“We are happy to partner with Ola and Uber and bring their driver-partners to the formal banking system. We have a dedicated team to train them about how to use Paytm FASTags. We are also encouraging them to use Paytm banking services to transact digitally. Our efforts are well-aligned with the government’s mission to ensure vehicles are equipped with toll tags before 15th January,” said Satish Kumar Gupta, managing director, Paytm Payments Bank in a statement.