Adding to its growing range of digital payments and financial services solutions, Airtel Payments Bank, one of the leading FASTag issuers in India, today announced a collaboration with Park+ to offer FASTag based smart parking solutions to marquee commercial and residential properties across the country. Park+ is the market leader in automating parking spaces through FASTag and the majority of parking FASTag transactions in India are currently being processed through Park+ systems.
The collaboration aims to leverage the deep distribution reach and digital payments stack of Airtel Payments Bank to digitize the Parking ecosystem using FASTag associated with the vehicle. Park+ will offer its entire suite of FASTag services including issuance, acquiring, recharge, and technology support to Airtel Payments Bank.
Airtel Payments Bank is among the top five issuers of FASTag in the country. The bank's digital-first approach has helped it become a leading player in the FASTag segment. Customers can easily purchase a FASTag in a matter of a few clicks from the banking section of the Airtel Thanks App.
Park+ access control systems are installed at 1500+ societies, 30+ malls, and 150+ corporate parks across the country. Being the largest parking aggregator in the country, Park+ is capitalizing on this asset to help deploy more than 10,000 EV chargers at these locations.
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. With cashless payments, visitors will save time and will no longer not have to wait in a queue to make parking payments. 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.
Airtel FASTag customers will have access to innovative analytics-based solutions offered by Park+. This includes solutions like toll predictor, timely low balance alerts, and automatic recharge top-ups.
Ganesh Ananthanarayanan, COO, Airtel Payments Bank, said “We are delighted to partner with Park+ to offer innovative Fastag based parking solutions to our customers. 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.”
Amit Lakhotia, Founder and CEO, Park+ said: “We look forward to developing the FASTag ecosystem further, and partnering with Airtel Payments Bank is a positive step in that direction. 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 digitisation and more.”
Praveena Rai, COO, NPCI said, “We are glad to witness the gaining momentum of NETC FASTag enabled contactless car parking all across the country. Initiatives like these will only add more value to the strategic expansion of NETC FASTag. We believe the customers of Airtel Payments Bank 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.”
About Airtel Payments Bank Ltd.
Airtel Payments Bank, India’s first payments bank, was launched in January 2017. The Bank offers a diverse range of simple, safe and rewarding banking solutions through a strong network of 500,000 bank points spread across the country and its digital platforms. Airtel Payments Bank aims to take digital banking services to the doorstep of every Indian, particularly in unbanked rural areas, and contribute to the Government’s vision of Digital India and Financial Inclusion.
Park+ is backed by marquee institutional investors - Sequoia Capital and Matrix Partners and is building the Super App for car owners by solving day-to-day problems faced by them. Park+ is the highest-rated car mobile application in India and provides online parking booking, FASTag management, inspection to sell your car among other services to more than 1 million users. Park+ recently enabled MG Astor to become the world’s first car where users can book and pay for parking via the car's head unit infotainment system.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer more secure and comprehensive services to consumers and merchants.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.