Paytm Payments Bank has entered into a strategic partnership with ride-hailing companies, Ola and Uber. The announcement was made by India's largest and only profitable Payments bank itself. These tie-ups will empower over 1 lakh driver-partners to conveniently use Paytm FASTags and seamlessly commute across the country, Paytm Payments Bank said. The decision was taken to encourage drivers to conveniently purchase and use Paytm FASTags, for which, the company has also set up more than 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.
According to Paytm Payments Bank, the company is also working with Ola at the Bangalore airport and some other locations including Indira Nagar, Devanahalli, and Electronic City transport hubs to accelerate the adoption of electronic toll payments in India.
Satish Kumar Gupta, MD and CEO of Paytm Payments Bank said, "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. Our efforts are well-aligned with the government's mission to ensure vehicles are equipped with toll tags before 15th January."
Unlike FASTags issued by other banks, Paytm FASTag doesn't require any separate prepaid account to be created. 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.
FASTag is promoted by the National Electronic Toll Collection (NETC) program for making toll payments directly from the customers linked prepaid or savings/current account.