India: Paytm Payments Bank ties up with Ola, Uber to issue FASTags to drivers

Photo by Livemint

Paytm Payments Bank has entered a strategic partnership with ride-hailing companies, including Ola and Uber, to allow some 100,000 drivers convenient purchase and recharge of FASTags across the country.

To facilitate purchase and use Paytm FASTags, the payments firm has set up over 12 camps at Uber Green zones across all major cities, including Delhi-NCR, Bangalore, Chennai Kerala, Hyderabad, Kolkata, Guwahati, Pune, Ahmedabad, Mumbai, and Chandigarh.

Paytm is also working with Ola at Bangalore airport and other local locations including Indira Nagar, Devanahalli, and Electronic City transport hubs to fasten the adoption of electronic toll payments in India.

The new campaign, targeting gig economy drivers, comes just days after Paytm renewed its exclusive payment partnership with Uber.

Paytm has been heavily focusing on selling FASTags after the Centre, in January, made it mandatory for commercial and private vehicles in the country. The payments firms claims to be the largest issuer of FASTags in the country, having sold over 3 million of these so far.

FASTag is an electronic toll collection system, operated by the National Highway Authority of India. It employs Radio Frequency Identification technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.

“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,” said Satish Kumar Gupta, managing director, Paytm Payments Bank in a statement.

This article was first published on livemint.com.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.