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Fewer use cases take toll on Fastag growth - The Economic Times
Economic Times
·
1m ago
Medial
The growth of Fastag, an electronic toll payment system in India, has stagnated since early 2024, with its user base and participating banks remaining constant. The lack of new use cases beyond toll payments, high installation costs, and inadequate incentives for adoption contribute to this plateau. Compared to the widely adopted UPI system, Fastag's growth is hindered by limited commercial uptake, inefficient customer service, and reduced fintech investment in digital payment innovations.
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NHAI advises Paytm FASTag users to switch to other FASTags by March 15 or face penalties
Economic Times
·
1y ago
Medial
The National Highways Authority of India has advised Paytm FASTag users to procure a new FASTag from a different issuing bank before March 15, 2024. This is to ensure a seamless travel experience and avoid penalties or double fee charges at toll plazas. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank transactions, which will take effect on Friday. Users can still use their existing balance to pay tolls beyond the stipulated date. A list of 32 authorized banks, excluding Paytm Payments Bank, has been provided for users to purchase new FASTags for hassle-free travel.
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Cars and commerce - How payment gateways in cars are changing
Business Insider
·
1y ago
Medial
FasTag technology, initially used for toll tax payments, is now expanding to include payments for fuel and food transactions. Startups like Numadic are playing a key role in enabling this ecosystem by introducing new products. As of January 2021, there are 54.6 lakh cars in India using FasTag, and the system has expanded to cover 1,228 toll plazas. Numadic has partnered with Hindustan Petroleum and Indian Oil to implement FasTag for fuel payments, handling close to $1 million in vehicle transactions daily. The future of gateway payments in cars is expected to grow further.
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IHMCL Removes Paytm Payments Bank From List Of Banks Authorised To Issue FASTag
OutlookIndia
·
1y ago
Medial
Indian Highways Management Company Ltd (IHMCL) has removed Paytm Payments Bank from the list of banks authorized to issue FASTags, urging highway users to purchase them from the remaining 32 authorized banks. The move comes as IHMCL aims to ensure hassle-free travel for users. FASTag is an electronic toll collection system in India that enables toll payments using RFID technology linked to users' bank accounts. The NHAI estimates there are over 80 million FASTag users in the country.
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NHAI urges Paytm FASTag users to switch to other bank FASTag
IndianStartupNews
·
1y ago
Medial
The National Highways Authority of India (NHAI) has advised Paytm FASTag users to switch to another bank's FASTag before March 15 to avoid travel disruptions and penalties. The move comes after the Reserve Bank of India imposed restrictions on Paytm Payments Bank, affecting the ability to recharge accounts after the deadline. The NHAI has updated its list of authorized FASTag providers to offer users a range of options. Users can utilize their existing Paytm FASTag balance for toll payments beyond March 15 but may face difficulties in recharging their accounts. Resources are provided to help users transition smoothly.
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New policy on tolls before April 1
Business Today
·
5m ago
Medial
Nitin Gadkari announced a new national tolling policy set for implementation before April 1, introducing an annual pass system to replace traditional toll collection on highways. This policy aims at providing reasonable commuter concessions and efficiency. Additionally, the government plans to implement an Automatic Number Plate Recognition (ANPR) FASTag System for barrier-free tolling at specific fee plazas. These initiatives aim to streamline toll operations and improve commuter convenience across national highways.
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UPI transactions rebound in July after June dip - The Economic Times
Economic Times
·
1m ago
Medial
In July, UPI transactions in India increased in both volume and value, recovering from a dip in June, as reported by the National Payments Corporation of India. The platform processed 19.47 billion transactions worth Rs 25.08 lakh crore. The rise occurs amid discussions on processing costs, with banks starting to levy charges due to reduced government incentives. Other digital payment systems, except Fastag, also saw growth. Discussions on UPI's long-term sustainability and financial viability continue.
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Banks are fast warming up to UPI credit line for small value loans - The Economic Times
Economic Times
·
18d ago
Medial
Banks are exploring the launch of small-value credit lines via UPI apps like PhonePe and Paytm, targeting new-to-bank customers for loans. After clarification from the RBI, banks like ICICI and Karnataka Bank are conducting early tests on this product, potentially boosting UPI transaction volumes. Though not widely adopted yet, the initiative could introduce new use cases on UPI. Concerns remain about managing defaults, despite its potential to drive digital payment growth.
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The All-In GenAI Gamble: Who Should Bet Big And Who Should Check?
Inc42
·
11m ago
Medial
AI-related job postings on LinkedIn have significantly increased since November 2022, and funding for AI startups has also seen a substantial surge. Azure, Google Cloud, and AWS are the major players in the GenAI landscape, each facing their own set of challenges and varying levels of maturity. Despite the growth, only a small percentage of GenAI solutions are currently in production, and even fewer are integrated across different use cases.
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Get smart by going back to dumb phone - The Economic Times
Economic Times
·
2m ago
Medial
Driven by Gen Z and millennials seeking relief from constant connectivity, dumb phones are making a comeback, reflecting a desire for digital minimalism and healthier technology relationships. These basic phones offer fewer distractions, more privacy, and longer battery life. The trend aligns with movements like dopamine detox and has gained popularity on platforms like TikTok. This shift is seen as a balance between hyper-connectivity and simplicity, promoting a more conscious use of technology.
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How banks are snagging market share from Paytm Payments Bank’s Fastag business
Economic Times
·
1y ago
Medial
Paytm Payments Bank has lost market share in FASTag toll transactions due to regulatory action. Data from the National Payments Corporation of India (NPCI) shows that commercial banks have benefited from this loss. The Reserve Bank of India's crackdown on Paytm Payments Bank has led to a decline in its market share to 2% in the segment.
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