Chennai:

India’s homegrown Paytm Payments Bank Limited (PPBL), today announced that it has enabled FASTag-based parking at Phoenix Marketcity in Chennai, one of the largest malls in the city. This will also be one of the first malls in Chennai to go live with FASTag, leading to the elimination of long queues while stopping and paying in cash at the counter, thus saving time, effort and fuel.

With this, visitors will no longer be required to search for cash, empowering them with contactless and hassle-free payment experience using Paytm FASTag. Users can simply add money to their Paytm Wallet or or account linked with the FASTag. As the vehicle passes the entry or exit, a sensor will read the radio-frequency identification (RFID) sticker on the vehicles following which the applicable charges will be deducted. This will reduce the rush and time at the payment counter. 

Paytm Payments Bank Spokesperson said, “We are constantly working to expand our FASTag network across the country to enable users with seamless travel. This improves the convenience of users by saving their time and effort and will result in quicker movement of vehicles through the parking area of the mall.”

Sabari, Centre Director, Phoenix Marketcity said, “Phoenix is committed to continuously improve customer experience by leveraging innovative technologies. One of the latest advancements we are excited about is the implementation of FASTag-based parking. This cutting-edge solution not only streamlines the parking process but also enhances convenience for our valued customers. With FASTag-based parking, we aim to revolutionize the way people park their vehicles.” 

Paytm FASTag has already digitised parking payments in leading malls, metro stations and airports across India. Paytm Payments Bank is the largest issuer of FASTags in the country and is also one of the largest acquirers of toll and parking plazas for the National Electronic Toll Collection (NETC) program, offering an interoperable nationwide toll and parking payment solution.