Paytm has a new delight to offer its users. Now pay highway tolls with Paytm. The National Highways Authority of India and online payment platform has signed a deal that will allow cashless transactions for highway tolls using Rfid tags.
NHAI in April had introduced FASTag, a device that uses Rfid technology for making toll payments directly from a prepaid account. The tag will be fixed on the screen of the vehicles and device at toll plaza fixed at the tag will let people drive by without waiting at the toll plaza.
This duo of FASTag and Paytm will allow commuters to cross 350 toll plazas of around 55000 km of roads without stopping. The tag is valid for 5 years.
A user will have to add credit as per the requirement. The company Paytm aims to collect Rs. 1,800 crores in toll charges in the next few months. The cash transactions slow down traffic hence causing delays and traffic at the toll plaza. The Paytm along with FASTag will come as a relief to the commuters and the people working at toll plazas.
The Transportation Ministry has recently sanctioned something similar with Rfid tags for sea ports. IRCTC also has signed a deal with Paytm to integrate the payment getaway into the application. This will not only add convenience but also add on the success rate of the transaction.
Future plans of Paytm
Paytm plans to go beyond digital payment solution. They want to ensure they offer effortless digital wallet payment option. It will not require even a bank, a merchant or POS. But just their smartphone or via OTP, a user can make any online payment effortless.
There is another idea which is still in progress. Here the feature mobile phone users can initiate transactions through a missed call or Interactive Voice Response (IVR) process. The app will soon have a feature that gives an inbound call to the registered phone users and SMS confirms the same upon receiving payments. This feature is generally seen at gas stations and toll booths.
This new process if implemented by the company will let the customer give a missed call to the feature number. The SMS will be a confirmation for the payment alert. Paytm really has some great plans in line for releasing us from the tensions of payments.