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Paytm Bank Becomes the Largest Issuer of FASTags in India

Furthermore, the bank efforts have achieved 50 per cent digitisation at Makhel Toll Plaza in Gujarat, which is also the highest in the country

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Paytm Logo. Wikimedia Commons

Paytm Payments Bank (PPB) on Monday announced it has become the largest FASTag issuer in India as it has issued three million FASTags so far, thus, accelerating the adoption of electronic payments across toll plazas.

“This milestone is a testament to the efforts we are putting in the ‘Digital India’ vision of the government. We will continue to work towards the adoption of digital toll payments in the country,” Satish Gupta, MD and CEO-Paytm Payments Bank, said in a statement.

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.

Paytm Payments Bank also aims to almost double FASTag adoption to five million vehicles by March. It has issued over 40 per cent of all FASTags in last one month and is actively expanding its reach.

Paytm FASTag allows users to pay directly from their Paytm Wallet, without requiring to create and recharge a separate FasTag wallet.

It can be purchased with minimum documentation like vehicle registration number and certificate and is delivered at the registered address free of cost.

paytm
Not charging extra for digital transactions: Paytm. Wikimedia Commons

Paytm Payments Bank is India’s second largest acquiring bank for National Electronic Toll Collection (NETC) programme, offering an interoperable nationwide toll payment solution.

Paytm FASTag enables automatic cashless payments at over 110 toll plazas across India, making road travel frictionless and time-efficient.

It is boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across the country.

To educate people on the convenience of cashless payment and help commercial vehicle owners purchase the tags, Paytm Payments Bank has set up over 300 camps at toll plazas across India.

Also Read: Tech Giant Apple Patent Reveals Next Gen Apple Pencil

PPB is currently the leader in the Electronic Toll Collection (ETC) market and acquires the highest ETC traffic plaza at Shahjahanpur which registers the highest electronic toll collection, according to the company.

Furthermore, the bank efforts have achieved 50 per cent digitisation at Makhel Toll Plaza in Gujarat, which is also the highest in the country. (IANS)

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UPI Continues To Remain Most preferred Mode of Payment in India

The country has witnessed full range of Aadhaar enabled banking services through AePS over the past few years

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UPI
UPI is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016. Wikimedia Commons

Unified Payments Interface (UPI) remained the most preferred mode of payment in terms of volume followed by debit cards, Immediate Payment Services (IMPS) and credit cards, said a new report on Thursday.

UPI recorded a transaction volume of 10.8 billion in 2019, a year-over-year increase of 188 per cent, said the report from payments company Worldline India (WI). “UPI is perhaps the fastest product to hit 1 billion transactions-a-month in 2019 since its inception in August 2016,” said the “India Digital Payments Report 2019”.

The findings of the report suggest that in India, digital payment products are being primarily utilised for person-to-person (P2P) transactions than person-to-merchants (P2M) transactions.

In terms of value, UPI facilitated transactions worth Rs 18.36 trillion, up 214 per cent from 2018. Nine banks were added in UPI ecosystem throughout the year, bringing the total number of banks providing UPI services to 143 as of December 2019.

Some of the key factors that powered UPI’s transactions growth in 2019 are adoption of UPI 2.0 features by banks, enabling payments for IPO applications, facilitating Foreign Inward Remittance service, supporting donations for several relief programs, and numerous cashbacks and discounts offered by banks and non-bank players, said the report.

Immediate Payment Service (IMPS) recorded 55 per cent year-over-year increase by facilitating about 2.3 billion transactions in volume. It clocked Rs 21.8 trillion in terms of value, up 41 per cent from 2018.

In 2019, it on-boarded 165 banks under its ecosystem bringing the total number of banks providing IMPS services to the customers of 559 banks by end of 2019. “In terms of value, IMPS attained the ‘numero uno’ position throughout the year followed by UPI. Value of debit and credit cards remained nearly the same throughout the year,” said the report.

Credit Card, Payment, Credit, Card, Money, Business
Unified Payments Interface (UPI) remained the most preferred mode of payment in terms of volume followed by debit cards, Immediate Payment Services (IMPS) and credit cards. Pixabay

In 2019, UPI, debit cards, IMPS and credit cards together recorded a combined transactions volume of over 20 trillion and combined value of over Rs 54 trillion, said the report. The country has witnessed full range of Aadhaar enabled banking services through
AePS over the past few years.

In 2019, the total volume of Aadhaar Enabled Payment System (AePS) transactions (ONUS, OFFUS, DEMO AUTH and eKYC) stood at 2.3 billion, achieving year-over-year growth of 12 per cent. The value of transactions achieved a milestone of Rs 1 trillion in 2019 with year-over-year growth of 31 per cent, said the report. For the research, Worldline analysed transactions available in public databases as well as transactions processed by the company in 2019.

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Worldline India (WI) is wholly owned by Worldline SA, a leading payments company in Europe that is listed on Euronext Paris. Worldline entered India in 2010 with the acquisition of Venture Infotek followed by the acquisition of MRL Posnet in 2017. (IANS)