November 29, 2020

Paytm Bank partners with Ola & Uber to issue FASTags to one lakh drivers

BENGALURU: Paytm Payments Bank said it has entered into a strategic partnership with ride-hailing companies, Ola and Uber, and will issue FASTags to more than 1 lakh driver-partners.

The company said it 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 to encourage the drivers to conveniently purchase and use Paytm FASTags.

It 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, it added. 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.

“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,” said Satish Kumar Gupta, MD & CEO of Paytm Payments Bank.

FASTag is promoted by the National Electronic Toll Collection (NETC) program for making toll payments directly from the customers linked prepaid or savings or current account. Paytm Payments Bank manages over 110 toll plazas and is rapidly expanding across national & state highways.

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