Did you know, India Government has mandated the use of FASTag on every new vehicle sold from 1st December 2017? To make things much easier for you, India’s largest digital bank Paytm Payments Bank has launched Paytm FASTag.
Those who are new to FASTag, then its a reusable tag based on radio-frequency identification technology (RFID) that’s been affixed to your car’s windscreen. This enables easy and automated electronic toll fee collection on highways across the country. Actually, there is a separate FASTag toll-lane in most toll plaza that lets you pass through without even stopping for the cash transaction.
FASTag will be linked to a prepaid account and the applicable toll amount is automatically deducted from that account. In case of Paytm FASTag, it will be linked to your Paytm Payments Bank or Paytm Wallet. Currently, 380 toll plazas across India covering 55,000 kms support FASTag technology.
Just like any other product or service Paytm sells, Paytm FASTag comes with its own perks. On every toll transaction done with Paytm FASTag, you get 7.5 percent cash back.
To actually buy a Paytm FASTag, head over to the Paytm App or via Paytm Mall [Paytmmall.com/FASTag]. The Paytm FASTag will cost you around Rs 600 (for Car, Jeep and Van) and currently, the company is offering a discount of 17 percent on it, dropping the price to Rs 500. This cost includes Rs 200 for the FasTag, Rs 250 refundable security deposit and a threshold amount of Rs 150 which will be added to your Paytm Wallet.
How Paytm FASTag works
- First, you need to purchase the Paytm FASTag [Paytm.com/FASTag] and provide/upload your vehicle details. Once verified the Paytm FASTag will be shipped to you.
- Note that FASTag will be mapped directly to the mobile number which is used during order placement at Paytm. Also, each tag is linked to your Paytm Wallet to facilitate automatic deduction of toll charges.
- Fix the Paytm FASTag to your Car’s windshield.
- While travelling on the highway and approaching a toll plaza, enter the dedicated FASTag lane.
- Toll amount gets automatically debited from your Paytm wallet or Paytm Payments Bank.
- Gate opens automatically and you can pass without even stopping.
- In addition, you get a 7.5 percent cash back on every toll transaction.
Paytm is also working with leading car and commercial vehicle manufacturers and dealers, including Maruti, Hyundai, Tata, Mercedes, Renault, BMW, Volkswagen, Volvo, among others, to make Paytm FASTag available while purchasing a new vehicle across India.
FASTag program is part of the National Electronic Toll Collection (NETC) initiative rolled out by National Highways Authority of India (NPCI) under the guidelines of NHAI and IHMCI.