Paytm issued 3 million FASTags; seeks to add 2 million by March
MUMBAI: Paytm has emerged as India’s biggest issuer of FASTags, with its payment bank unit deploying more than 3 million of these devices to date, and seeking to add another 2 million before FY20 draws to a close.
The expansion would also involve tie-ups with leading car makers Maruti Suzuki, Hyundai, Honda, Kia, and MG Motor, offering pre-fitted Paytm FASTags at the time of vehicle purchase. In December itself, since the use of FASTag was made mandatory by the government, the company has deployed 40% of all FASTags issued, it said.
“The bank is further boosting the sale of FASTags by deploying 10,000 business correspondents in all major cities and towns across the country,” Paytm said in a statement. The market shares of rival service providers and their device deployment statistics could not be immediately ascertained.
