Paytm Payments Bank Ltd (PPBL) has announced that it has allowed the country’s first FASTag-based metro parking facility in partnership with Delhi Metro Rail Corporation (DMRC).

"As an acquiring bank for the parking facility at the Kashmere Gate metro station, PPBL will facilitate the processing of all FASTag based transactions for cars having a valid FASTag sticker, thus eliminating the hassle of stopping and paying cash at the counter," the company said in its statement.

Additionally, Paytm Payments Bank has aided a UPI-based payment solution for 2-wheelers entering the parking site, thus digitizing the whole parking payments at the site.

Two-wheeler owners can also pay their parking fees digitally at the metro station via a simple UPI payment.

Currently, the facility is available at the metro station's gate number 6 and it offers parking space for 174 two-wheelers & 55 four-wheelers.

Mangu Singh, MD, DMRC, said, “This is another step towards digitalization in the DMRC's endeavour to provide solutions to our customers especially in these times when contactless transactional methods are the need of the hour."

PPBL plans to expand the facility further with Kashmere Gate metro station being the first one to be powered by the bank’s digital payment solution. The bank is closely working with many municipal corporations across several states to initiate FASTag-based parking facilities both at organized and unorganized sites.

The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports.

Satish Gupta, MD & CEO - Paytm Payments Bank Ltd said, "It has been our endeavour to expand the FASTag network in our country and empower our users with seamless & hassle-free travel. In this quest, we are excited to partner with the Delhi Metro Rail Corporation for enabling digital payment solutions at their parking facility. We will continue to work with other parking providers across the country to adopt a safe and contactless payment solution by implementing the FASTag system."