Paytm Payments Bank on Monday said it has launched the country’s first FASTag-based Metro parking facility, in partnership with the Delhi MetroRail Corporation (DMRC).
“As an acquiring bank for the parking facility at the Kashmere Gate station, Paytm Payments Bank will facilitate the processing of all FASTag-based transactions for cars having a valid FASTag sticker, thus eliminating the hassle of stopping and paying cash at the counter,” an official statement said.
It has enabled a UPI-based payment for two-wheelers entering the parking site, thereby digitising the entire parking payments.
Once the FASTag system is in place, car owners will no longer be required to tender cash, and the parking fee will be deducted directly from the wallet or account linked with the FASTag of the vehicles.
Two-wheeler owners can also pay their parking fees digitally at the Metro station via a simple UPI payment.
“This is another step towards digitalization in the DMRC’s endeavour to provide solutions to our customers, especially in these times when contactless transactional methods are the need of the hour,” Mangu Singh, MD, DMRC, said.
Paytm Payments Bank is working with various municipal corporations across several states to initiate FASTag-based parking facilities both at organized and unorganized sites.
The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports.