13th December 2019: Paytm Payments Bank Ltd. (PPB), India’s largest and only profitable payments bank has become the highest issuer of FASTags in the country. It has sold 6 lakh tags in the month of November itself and is actively expanding its reach. Here are the top 5 benefits of using Paytm FASTag, how you can purchase it and other information.
Benefits of Paytm FASTag
· No Recharge Needed: The buyers of Paytm FASTag do not need to create any separate prepaid account to recharge their tag. The money is deducted directly from the Paytm wallet and can be used for making other regular payments as well.
· Zero Convenience Fee: The users of Paytm FASTag do not need to pay a convenience fee on any transaction at the toll plazas or for adding money to their wallet.
· Free Delivery at Doorstep: Paytm FASTag is delivered free of cost at the registered address of the buyer and therefore, the customer does not need to pay any shipping charges.
· Easy Access to Digital Receipt: The Paytm FASTag users can conveniently access the digital receipt of each transaction in the passbook section on their Paytm app.
· Free Movie Ticket: Apart from receiving 2.5% cashback on all toll transactions done at NHAI plazas for the financial year 2019-20, the users also stand a chance to win a free movie ticket as well.
What is a FASTag?
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.
Where and how to buy a Paytm FASTag?
Paytm Payments Bank gives passenger vehicle owners an option to buy FASTag online on the website or Paytm app and get it delivered free of cost at their doorsteps. Please click here to buy your Paytm FASTag now. The tag issuance cost is Rs. 100, customer needs to pay Rs. 500 where Rs. 250 is for security deposit and Rs. 150 is the minimum balance to be maintained (both of which stay with the user).
The bank has equipped over 1.85 million vehicles with FASTags and is further aiming another 3 million before January 2020. 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. It is further boosting the sale of FASTags by deploying 3500 business correspondents in all the major cities and towns.