February 21, 2020: Paytm Payments Bank, India’s largest and only profitable Payments bank has today announced that it has entered into a strategic partnership with ride-hailing companies, Ola and Uber. These tie-ups will empower over 1 lakh driver-partners to conveniently use Paytm FASTags and seamlessly commute across the country.
To encourage the drivers to conveniently purchase and use Paytm FASTags, the company has set up over 12 camps at Uber Green zones across all the major cities including Delhi-NCR, Bangalore, Chennai Kerala, Hyderabad, Kolkata, Guwahati, Pune, Ahmedabad, Mumbai, and Chandigarh. PPB is also working with Ola at Bangalore airport and other local locations including Indira Nagar, Devanahalli, and Electronic City transport hubs to accelerate the adoption of electronic toll payments in India. In addition to this, the company has already empowered over 1.2 million cab drivers to transact digitally using their preferred mode of payment.
Unlike FASTags issued by other banks, Paytm FASTag doesn’t require any separate prepaid account to be created. The money for toll payments gets auto-debited from Paytm Wallet and the balance can also be used for shopping, recharges, bill payments, among other services.
Satish Kumar Gupta, MD & CEO of Paytm Payments Bank said, “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.”
FASTag is promoted by the National Electronic Toll Collection (NETC) program for making toll payments directly from the customers linked prepaid or savings/current account. Paytm Payments Bank is one of the largest acquirer managing over 110 toll plazas and is rapidly expanding across national & state highways.