Tag: FASTag

Paytm Payments Bank launches India’s first FASTag-based metro parking facility

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Paytm Payments Bank Ltd (PPBL) has enabled 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.

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

With the implementation of the PPBL powered FASTag system, car owners are no longer required to tender cash and parking fee is deducted directly from the wallet or account linked with the FASTag of the respective vehicles. Two-wheeler owners can also pay their parking fees digitally at the metro station via a simple UPI payment.

Also read: Paytm Money launches wealth and investment advisory marketplace on its platform

Mangu Singh, MD, DMRC, said in a statement, “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 will digitise parking facilities across the country 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 various municipal corporations across several states to initiate FASTag-based parking facilities both at organised and unorganised sites. The bank is also in discussion with various stakeholders to implement digital payment solutions for parking areas at shopping malls, hospitals, and airports.

Also read: How supply chain control towers will transform Indian retailing

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.”

Paytm Payments Bank is already India’s largest issuer of FASTags and acquirer of toll plazas for the National Electronic Toll Collection (NETC) program.

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UPI transactions hit a record high in August, but the growth pace slows, BFSI News, ET BFSI

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Unified payments interface (UPI) transactions hit a new record high in volume as well as in value for the third straight month in August.

UPI saw 3.55 billion transactions worth Rs 6.39 lakh crore in August, which is a 9.6% increase in volume and 5.4% surge in value compared with July.

However, the pace of growth has slowed in August. In July UPI had notched a record 3.24 billion transactions, up 15% over June figures. UPI transactions were subdued in April and May due to Covid restrictions.

In August 2021

Transactions through Bharat Bill Pay stood at 58.88 million, worth Rs 10,307 crore in August, a growth of 15.15% in volume and 7.2% in value from July.

FASTag transactions were at 201.2 million and Rs 3,076 crore in value in August, a 4.61% rise in volume and a 3.36% surge in value compared with July.

Transactions through Immediate Payment Service were at 377.94 million in terms of volume and Rs 3.18 lakh crore in value in August, an 8.05% rise in volume and 3.03% surge in value when compared with July.

Pandemic push

Since the beginning of the year, UPI transactions have grown 54% from 2.3 billion in January.

Since its launch in 2016, the UPI crossed 1 billion transactions for the first time in October 2019, which more than doubled to over 2 billion transactions in October 2020. The growth exploded during the pandemic as more people opted for contactless payment.

However, the transactions have picked up since the beginning of the pandemic as more consumers opted for digital payment options. They had been rising steadily to top 5 trln rupees in March and then 6 trln rupees in July.

Last fiscal jump

UPI transaction volumes surged 43.2% in the first quarter of the last fiscal, 98.5% in the second quarter 104.6% in the third and 112.5% in the fourth quarter.

While IMPS volumes degrew 9.6% in Q1, they rose 26% om Q2. 40.5% in the third quarter and 42.9% in the fourth quarter.

National Automated Clearing House (NACH) volumes grew 32.8 in the first quarter, 13 in second, 0.9 in third while they degrew 10.2 in the fourth.

BBPS volumes grew 66% in Q1, 103.2 in Q2, 84.4 in Q3 and 102.7 in Q4 while National Electronic Toll Collection, the NHAI’s Fastag system logged 83.9 growth in Q1, 249.2 in Q2, 195 in Q3 and 75.3 in the fourth quarter.

On the other hand, RTGS volumes degrew 26.2 in Q1, logged 3.1 in Q2, 10.2 in third and 31.1 in the fourth quarter.

NEFT volumes degrew 3.9% in the first quarter, grew 9.8 in second, 23.2 in third, 17.8 in the fourth quarter.



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UPI registers robust growth in August

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Digital payments continued to grow at a robust pace and touched a new record in August with further easing of lockdown restrictions by many States and resumption of economic activities.

Unified Payments Interface registered 355 crore transactions worth ₹6.39 lakh crore in August 2021, according to data released by the National Payments Corporation of India on Wednesday. Transactions on the UPI platform had breached the ₹6 lakh crore-mark in July to amount to ₹6.06 lakh crore.

The Immediate Payment Service (IMPS) also witnessed a sharp growth in transactions. The number of transactions on the IMPS platform rose to 37.79 crore in August and valued at ₹3.18 lakh crore. It had processed 34.97 crore transactions amounting to ₹3.09 lakh crore in July.

ALSO READ e-RUPI could be bigger than UPI, say experts

FASTag collection up

Payments on NETC FASTag crossed 20 crore in terms of volume in August to 20.12 crore. In value terms, it amounted to ₹3,076.56 crore. In contrast, 19.23 crore transactions worth ₹2,976.39 crore were processed on NETC FASTag in July.

Aadhar Enabled PaymentSystem (AePS) transactions, too, scaled the 10-crore transaction mark last month. As many as 10.84 crore payments worth ₹27,353.87 crore took place through AePS in August compared to 8.88 crore transactions totalling ₹23,447.11 crore in July.

The BharatBill Pay platform registered 5.88 crore payments totalling ₹10,307.4 crore in August versus 5.1 crore transactions amounting to ₹9,612.87 crore in July.

ALSO READ UPI sets new record in July

“We believe that continued opening of the economy and markets coupled with the upcoming festive season would enable spends to grow at a better pace over the medium term ,” Motilal Oswal had said in its Digital Payments Tracker report for July that looked at card and UPI spending.

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Karnataka Bank launches KBL FASTag, BFSI News, ET BFSI

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Mangaluru-headquartered private sector lender Karnataka Bank on Wednesday launched its “KBL FASTag”, a pre-loaded payment instrument to facilitate seamless movement of vehicles at the toll plazas across the country, in association with National Payment Corporation of India (NPCI) and FASTag processor Worldline.

Bank’s MD & CEO Mahabaleshwara MS said customers could buy the FASTag through online from the bank’s website or by visiting its branch. “FASTag can be pre-loaded digitally for the required amount and can be recharged online through Credit Card/Debit Card/Net Banking/IMPS etc. The applicable toll amount gets automatically debited through the sensors at the toll plaza.”

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RBI, BFSI News, ET BFSI

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Mumbai: The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said.

Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the ‘State of Economy’ said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace.

“Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated. Spurred by comfortable liquidity conditions, financial conditions stay benign and supportive of the recovery,” it said.

The article notes that with the cautious unwinding of restrictions by states, human mobility has risen to levels last seen in February 2021, prior to the onset of the second wave. Electricity generation readings, too, have recovered to peak levels seen in April 2021 and are closing on to the pre-pandemic level (July 2019).

It has been authored by team lead by RBI deputy governor Michael Debabrata Patra. The central bank said views expressed in the article are those of the authors and do not necessarily represent the views of the RBI. E-way bill collections rose to their highest level in the last four months, clocking a growth of 17.3% sequentially over June 2021. Normalised to February 2020 levels, E-way bills, both intra-state and interstate, surpassed pre-pandemic levels. In August so far (up to August 8, 2021), daily average E-way bills declined sequentially by 5.8%, with implications for GST collections going forward.

Also toll collections rebounded in July, nearing the March 2021 record when Fastag was made mandatory. As per the article, fuel consumption recorded an uptick in July 2021. While the consumption of petrol reached pre-pandemic levels and aviation turbine fuel (ATF) recorded a sequential improvement, diesel consumption slipped marginally.

On the price rise front, the article said the headline CPI inflation for July 2021 came in at 5.6%, down 70 bps from 6.3% a month ago and “reinforcing the view that the recent upsurge has peaked and the worst would be behind us”. Further, high frequency food price data from the department of consumer affairs indicate an uptick in cereal prices in August so far. Prices of pulses, on the other hand, continue to soften. Edible oil prices are seeing some pressures. Among key vegetables, prices of potatoes, onions and tomatoes saw some seasonal increase in prices, it said. On the the recent enactment of amendments to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, the article said it is a major step towards ameliorating depositor distress. agencies



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UPI transactions stay below Rs 5 lakh crore for the second month in May, BFSI News, ET BFSI

Banking & Finance

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Unified payments interface (UPI) transactions fell in volume as well as in value for the second consecutive month in May as lockdowns restricted economic activity.

About 2.53 billion transactions worth Rs 4.9 lakh were recorded in May, a 4.16% drop in volume and 0.6% fall in value compared with April, according to National Payments Corp of India data.

However, the transactions rose on an annual basis as last May was a total lockdown. UPI transactions in terms of value stood at Rs 21 lakh crore in May 2020, from where they had climbed over Rs 5 lakh crore in March 2021. Bharat Bill Pay transactions grew 11.6% in volumes at 39.22 million logging Rs 6,270 crore in May. It grew 20.5% in value from April. In March, Bharat Bill Pay had registered 35million transactions of Rs 5160 crore. FASTag transactions dropped to 116.48 million in terms of volume and Rs 2,125 crore in value from 164.33 million n and Rs 2,777 crore, respectively in April, showing limited mobility.

NEFT fund transactions dropped 10.3% to 256.5 million transactions worth Rs 18.19 lakh crore, from 286 million transactions worth Rs 20.46 lakh crore in April.

RTGS transactions fell to 12.3 mln settlements, worth Rs 83.66 lakh crore in May from 15.1 million worth Rs 88.02 lakh crore in April.

Last fiscal

UPI transaction volumes surged 43.2% in the first quarter of the last fiscal, 98.5% in the second quarter 104.6% in the third and 112.5% in the fourth quarter.

While IMPS volumes degrew 9.6% in Q1, they rose 26% om Q2. 40.5% in the third quarter and 42.9% in the fourth quarter.

National Automated Clearing House (NACH) volumes grew 32.8 in the first quarter, 13 in second, 0.9 in third while they degrew 10.2 in the fourth.

BBPS volumes grew 66% in Q1, 103.2 in Q2, 84.4 in Q3 and 102.7 in Q4 while National Electronic Toll Collection, the NHAI’s Fastag system logged 83.9 growth in Q1, 249.2 in Q2, 195 in Q3 and 75.3 in the fourth quarter.

On the other hand, RTGS volumes degrew 26.2 in Q1, logged 3.1 in Q2, 10.2 in third and 31.1 in the fourth quarter.

NEFT volumes degrew 3.9% in the first quarter, grew 9.8 in second, 23.2 in third, 17.8 in the fourth quarter.



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Digital payments slow down in April as virus transmission accelerates, BFSI News, ET BFSI

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The slowdown in the economic activity due to lockdowns and restrictions in April echoed in the digital payment transactions in April.

The growth of digital payments slowed in April over March, remained higher than in February, according to a report.

The Unified Payments Interface (UPI) transactions dropped from the Rs 5­lakh crore peak in March to Rs 4.93 lakh crore via 264 crore transactions.

The Immediate Payment Service (IMPS) saw 32.29 crore transactions worth Rs 2.99­lakh crore in April as against 36.31 crore transactions of Rs 3.27 lakh crore in March.

Bharat Bill pay platform processed 3.51 crore transactions worth ₹Rs 5,201.92 crore in April as against 3.52 crore payments amounting to Rs 5,195.76 crore in March.

As the movement of people and goods slowed, the FASTags, AePS transactions through the NETC saw a sharp decline in April at 16.43 crore transactions worth Rs 2,776.9 crore. It was 19.32 crore transactions worth Rs 3,086.32 crore in March.

The Aadhaar enabled Payment System saw 7.42 crore transactions valued at Rs 22,139.05 crore in April as against 7.78 crore payments worth Rs 22,697.82 crore in March.

Last fiscal

UPI transaction volumes surged 43.2% in the first quarter of the last fiscal, 98.5% in the second quarter 104.6% in the third and 112.5% in the fourth quarter.

While IMPS volumes degrew 9.6% in Q1, they rose 26% om Q2. 40.5% in the third quarter and 42.9% in the fourth quarter.

National Automated Clearing House (NACH) volumes grew 32.8 in the first quarter, 13 in second, 0.9 in third while they degrew 10.2 in the fourth.

BBPS volumes grew 66% in Q1, 103.2 in Q2, 84.4 in Q3 and 102.7 in Q4 while National Electronic Toll Collection, the NHAI’s Fastag system logged 83.9 growth in Q1, 249.2 in Q2, 195 in Q3 and 75.3 in the fourth quarter.

On the other hand, RTGS volumes degrew 26.2 in Q1, logged 3.1 in Q2, 10.2 in third and 31.1 in the fourth quarter.

NEFT volumes degrew 3.9% in the first quarter, grew 9.8 in second, 23.2 in third, 17.8 in the fourth quarter.



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How pandemic ushered in payments revolution in India, BFSI News, ET BFSI

Banking & Finance

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They may not be of big value, but many swipes have helped usher in a retail payments revolution right amid the pandemic.

While there has been a slowdown in the wholesale transaction value, the volumes have grown huge. A similar surge was seen in the immediate aftermath of the demonetisation of high-value notes in 2016.

Transactions through National Electronic Funds Transfer (NEFT), National Electronic Toll Collection (NETC), and the Bharat Bill Payment System (BBPS) grew robustly in fiscal 2021 over the previous year. Retail payment platforms such as Unified Payments Interface (UPI), Immediate Payment Service (IMPS), and National Automated Clearing House (NACH) saw a near doubling of both transaction volume from 12.5 billion to 22.3 billion, and value from Rs 21.3 lakh crore to Rs 41 lakh crore.

Volumes galore

UPI transaction volumes surged 43.2% in the first quarter of the last fiscal, 98.5% in the second quarter 104.6% in the third and 112.5% in the fourth quarter.

While IMPS volumes degrew 9.6% in Q1, they rose 26% om Q2. 40.5% in third quarter and 42.9% in the fourth quarter.

National Automated Clearing House (NACH) volumes grew 32.8 in the first quarter, 13 in second, 0.9 in third while they degrew 10.2 in the fourth.

BBPS volumes grew 66% in Q1, 103.2 in Q2, 84.4 in Q3 and 102.7 in Q4 while National Electronic Toll Collection, the NHAI’s Fastag system logged 83.9 growth in Q1, 249.2 in Q2, 195 in Q3 and 75.3 in the fourth quarter.

On the other hand, RTGS volumes degrew 26.2 in Q1, logged 3.1 in Q2, 10.2 in third and 31.1 in the fourth quarter.

NEFT volumes degrew 3.9% in the first quarter, grew 9.8 in second, 23.2 in third, 17.8 in the fourth quarter.

Value wise

UPI transactions scored an impressive growth value-wise too with the first quarter seeing 43.2% growth, the second 98.5%, the third 104.6% and the fourth 112.5%.

IMPS degrew 4.8 in Q1 but picked up in the second quarter with 27.9% growth, 34.6% in Q3 and 40.6% in the fourth quarter.

NACH transactions grew 20.4% value-wise in the first quarter, 10.3 in Q2, 6.8 in Q3, 1.3 in Q4.

BBPS logged 62.4% growth in the first quarter, 108.9% in the second, 83.5% in the third and 131.9% in the fourth quarter.

NETC transactions valuewise grew 61.4% in Q1, 181% in Q2, 139.3% in Q3, 66.2% in Q4.

On the other hand, RTGS transactions’ value degrew for the entire fiscal, falling 37.9 in the first quarter, 28.6% in the second, 7.7% in Q3 and 2.9% in the fourth quarter.

NEFT degrew 20.9% in the first quarter but grew 12.4% in second, 26.6% in third and 15.4% in the fourth quarter.

After demonetisation

RBI data shows a spurt in digital transactions immediately after demonetisation. Transactions through debit card at point of sale terminals and m-wallets increased by 134% and 163%, respectively, between October 2016 and December 2016.



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ICICI Bank, PhonePe partner to issue FASTag

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Private sector lender ICICI Bank and digital payments platform PhonePe have partnered to issue FASTag using UPI on the PhonePe App.

“This integration allows over 28 crore registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app,” the companies said in a statement on Thursday.

Also read: Retail payments: Half-a-dozen consortiums set to apply for NUE licence

PhonePe users, who may be customers of any bank, will have a fully digitised experience as they don’t have to visit physical stores or toll locations to buy a FASTag. ICICI Bank is the first bank to partner with PhonePe for the issuance of FASTag.

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ICICI Bank and PhonePe partner to issue FASTag, BFSI News, ET BFSI

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Private lender ICICI Bank and digital payments platform PhonePe have tied –up for the issuance of FASTag using UPI on the PhonePe App.

This integration allows over 280 million registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app.

ICICI Bank is the first bank to partner with PhonePe for the issuance of FASTag.

Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “This collaboration enables millions of PhonePe customers to easily apply for a new FASTag and get it delivered free of cost at their doorstep. The association comes in handy, even for users, who are not customers of ICICI Bank, as it allows them to order and later recharge with the convenience of UPI. With this, ICICI Bank has achieved another feat in the FASTag ecosystem.”

Roy added, “Our market leadership in value and volume of average daily transactions on FASTag is a testimony of the trust that customers have shown in our rollout. We believe that our latest tie-up with PhonePe will go a long way to make the availability of FASTag even more convenient, digital and frictionless.”

Deep Agrawal, Head – Payments, PhonePe said, “We have already seen a phenomenal response from our users recharging FASTag on our platform, with millions of customers recharging daily on the app. In fact, FASTag recharge has witnessed a 145% growth over the last 3 months indicating increased intercity travel as markets opened up post the lockdown.”

“We are confident that with PhonePe’s reach, superior payment and user experience, we will enable millions of consumers to purchase and use FASTag across the country,” said Agarwal.

Denny Thomas, Head NETC & AEPS, NPCI said, “The partnership of PhonePe and ICICI Bank will definitely increase the adoption of NETC FASTag and facilitate its doorstep delivery to the customers. We believe that this initiative will further deepen the penetration of FASTag across the country and provide the users with a seamless recharge experience through the PhonePe app.”



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