INSUBCONTINENT EXCLUSIVE:
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
The market shares of rival service providers and their device deployment statistics could not be immediately ascertained.
Having installed
has also emerged as the second-largest acquiring bank as well, the Softbank-backed company said.
FASTags are electronically activated radio
frequency identification stickers introduced first by the Ministry of Road Transport and Highway (MoRTH) and National Payments Corporation
of India (NPCI) in 2014 to facilitate cashless collection of tolls at highway checkpoints
These deployments come a few months after the company raised $1 billion through investment rounds led by US-based asset manager T Rowe Price