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

Paytm
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. Wikmedia Commons

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.

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.

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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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India Becomes the Second Largest Smartphone Market After China: Report

India surpasses US to become 2nd largest smartphone market

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The Indian smartphone market surpassed the US for the first time on an annual level. Pixabay

New Delhi: Riding on Chinese brands, the India smartphone market surpassed the US for the first time on an annual level and this is the latest science and technology news, becoming the second-largest smartphone market after China globally — reaching 158 million shipments in the calender year 2019 with 7 per cent (YoY) growth, a report from Counterpoint Research said on Friday.

While Xiaomi continued to be the top player with 28 per cent market share in the calendar year 2019, Samsung was second with 21 per cent and Vivo at 16 per cent market share, said Counterpoint’s ‘Market Monitor’ service.

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India has now become the second-largest smartphone market after China globally. Pixabay

“Although the rate of growth for smartphone market hit single digit for the first time ever on an annual basis, India is underpenetrated relative to many other markets with 4G penetration in terms of subscribers being around 55 per cent,” said Tarun Pathak, Associate Director, Counterpoint.

“Chinese brands share hit a record 72 per cent for the year 2019 as compared to 60 per cent share a year ago.

“This year, we have seen all major Chinese players expanding their footprint in offline and online channels to gain market share. For instance, Xiaomi, realme, and OnePlus have increased their offline points of sale while brands like Vivo have expanded their online reach with Z and U series,” said Anshika Jain, Research Analyst at Counterpoint.

Over the past four years, Xiaomi, Vivo, and OnePlus have grown 15 times, 24 times and 18 per cent, respectively.

“This highlights that OEMs are mature enough to capture next wave of growth and expand their operations in India,” Jain added.

Smartphone
Although the rate of growth for smartphone market hit single digit for the first time ever on an annual basis, India is underpenetrated relative to many other markets with 4G penetration in terms of subscribers being around 55 per cent. Pixabay

Samsung shipments remained almost flat (YoY) while it has shown a 5 per cent (YoY) decline in 2019.

“This is for the first time Samsung transitioned to a completely new portfolio targeting different channels (offline with A series and online with M series). However, it needs to double down its efforts to keep the momentum going,” the report noted.

While the smartphone market registered YoY growth, the feature phone market witnessed a steep decline of nearly 42 per cent YoY in 2019 and 38 per cent (YoY) in Q4 2019.

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“This is due to slowdown in the new shipments from Reliance Jio. However, the players such as itel, Lava, Nokia and Micromax registered positive annual
growth despite the overall segment declined showing the untapped potential of the market,” said the report.

In fact, itel emerged as the number one feature phone brand in Q4 2019, followed by Samsung and Lava. (IANS)