Paytm Payments Bank rolled out Paytm FASTag to enable electronic toll fee collection on highways across the country, in line with the government’s move to make FASTag mandatory on every new vehicle sold from December 1.
The Paytm FASTag – which is a simple and reusable tag based on radio-frequency identification technology (RFID) that can be placed on a vehicle’s windscreen – will allow commuters to pass through 380 toll plazas across India covering 55,000 kms without having to stop.
Static/Current Takeaways Important for IBPS PO Mains 2017 Exam-
- This project is run in partnership with the National Highways Authority of India (NHAI) and NPCI.
- ‘Paytm Payments Bank’ was formally launched at the hands of the Union Finance Minister Arun Jaitley.
- Currently, India has four Payments Bank including Paytm Payments Bank.
- The other three operational ones are Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank.