FASTag is made mandatory for all vehicles, private and commercial, from January 15, 2020. According to the FASTag transactions data released on January 1, 2020, by National Payments Corporation of India, about 6.4 crore FASTag transactions, worth Rs.1,256 crore, were processed in December against 3.4 crore transactions worth Rs.774 crore in November. Paytm Payments Bank issued over 40% of all FASTags in December. Currently, the government is taking the necessary steps to promote it.
With the advent of COVID-19 crisis, social distancing has become the new normal. This has caused a surge in adoption of digital banking and payment solutions across the world. In India, banks are rapidly moving towards digital transactions, regardless of infrastructural challenges and glitches. This has led to instances of outages. These rapid changes may also cause potential threats of increased cybercrimes, which are novel and needs to be addressed efficiently in a rapid manner.