Airtel Payments Bank has teamed up with Park+, a mobile app-based parking platform, to offer FASTag-based smart parking solutions to commercial and residential properties. With this tie-up, the company aims to leverage its deep distribution reach and digital payments stack to digitise the parking ecosystem. As a result, Airtel FASTag customers will have access to analytics-based solutions offered by Park+ such as toll predictor, timely low balance alerts, and automatic recharge top-ups.
As Ganesh Ananthanarayanan, COO, Airtel Payments Bank, puts it, “With a higher number of people preferring private vehicles to travel these days, these solutions will enable customers to save time and smoothen their travel experience.”
As per National Payments Corporation of India (NPCI), FASTag is basically a device that employs Radio Frequency Identification (RFID) technology that facilitates direct toll payments while the vehicle is still in motion. The RFID Tag is affixed on the windscreen of the vehicle which ensures the payment is made directly from the vehicle owner’s account.
Praveena Rai, COO, NPCI is of the firm belief that the Airtel Payments Bank customers will get a hassle-free car parking payment experience through Park+ which otherwise is a time-consuming affair. “Car parking via NETC FASTAg, will not only help car-owners to save time in tendering the parking fee, but also empower them to travel safe and cashless,” stated Rai.
Beginning with the parking fee payments, both partners are working together to enable automatic cashless payment deduction from the valid FASTag associated with the vehicle. The service is already operational at a South Delhi Municipal Corporation (SDMC) parking site, and will soon be made available at Aurangabad Airport and 32nd Avenue (32nd Milestone) in Gurugram. Going forward, Park+ will offer its entire suite of FASTag services including issuance, acquiring, recharge, and technology support to Airtel Payments Bank.
Amit Lakhotia, Founder and CEO, Park+, said, “FASTag has the ability to be the default wallet for the car owner. We want to work with our partners to bring back delight to car ownership through our solutions around FASTag, parking digitization and more.”