Sunday, May 19, 2024

Paytm Payments Bank Limited FASTag: Here are 5 unique benefits

The adoption of FASTags for four-wheeler vehicles in India has increased rapidly since it was made mandatory by the Government of India (GOI) in February 2021, leading to significant reduction in long queues and traffic jams at toll plazas located at national highways across the country.

While there are many banks that offer FASTags to customers, homegrown Paytm Payments Bank Limited (PPBL) has been leading the segment, given its early adoption of the technology governed by the National Payments Corporation of India (NCPI) and the National Highways Authority of India (NHAI).

FASTags use Radio Frequency Technology Device (RFID) to detect the tag on a vehicle and deduct the amount from the linked digital wallet as the toll tax amount seamlessly, completely eliminating the need for manual collection that earlier led to major delays at the toll plazas.

Ever since the rollout, Paytm FASTag has been the most preferred choice among customers with over 1.3 crore issuances, aided by the bank’s emphasis on seamless onboarding, instant activation and superior customer care support. It is worth mentioning here that PPBL became the first bank in the country to achieve the milestone of issuing more than 1 crore Paytm FASTags.

Having said there, here are top 5 benefits of using Paytm FASTag:
Easy to procure & Fast activation: Customers can easily procure a Paytm FASTag for their vehicle through the app by clicking on buy FASTag. All they have to do is enter the vehicle registration number and upload pictures of the RC. The FASTag will be delivered to the delivery address provided at the time of purchase. Customers also have the option to buy Paytm FASTags near most major toll plazas in the country. The Paytm FASTags also have the fastest activation time compared to competitors and can be used by customers from the moment they receive it.

Largest acquirer of toll plazas in the country: PPBL is the largest acquirer of Toll Plazas for the National Electronic Toll Collection (NETC) program, offering an interoperable nationwide toll payment solution. The bank has enabled 280 toll plazas across the National & State highways to collect toll charges digitally.

One-stop solution for toll payments: Unlike FASTags issued by banks, Paytm FASTag is linked to the Paytm Wallet ensuring users don’t have to opt for multiple recharges. This means users can pay directly from the Paytm Wallet without needing access to any separate account for recharging.

Seamless tracking of toll expenses: The Paytm FASTag also makes it easier for
customers to keep a track of all their toll expenses. Anyone using Paytm FASTag for toll payments will receive regular in-app notifications and SMS notifications every time a payment is made. The expenses acquired towards toll payments are also visible in users’ Paytm passbooks.

Superior customer dispute redressal mechanism: Last but not the least, PPBL also has an efficient customer dispute redressal mechanism focused on fast resolution. This helps in immediate identification of incorrect deductions and raises claims to reverse extra charges.

The superior dispute management process thoroughly audits all customer complaints,
associate toll transactions and issues raised by the toll plazas to quickly resolve all customer complaints.

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