This tie-up facilitates the purchase and use of tags for nearly 50 lakh motorists, it said in a statement. “As a digital-first bank, it is our endeavor to make all transit-related payments easy. IDFC First Bank has issued around 50 lakh FASTag and these tags are actively used by motorists at toll plazas with an average of 20 lakh transactions per day.
The company said that motorists will now have the facility of single form factor and single balance for road travel related payments in the form of FASTag.
Till now FASTag was used only for payment of toll charges. Last year, IDFC First Bank was the first bank to introduce fuel payments using FASTag balance for commercial vehicle users at HPCL retail outlets. Now, it is being extended to private vehicle users as well.
“We were the first to introduce FASTag based fueling at HPCL Retail Outlets through acceptance of IDFC First Bank FASTags through our Fleet Loyalty Program “DriveTrack Plus” in the last financial year. Now we are using “HP Pay” Mobile App But IDFC Bank is introducing payments through FASTag. We are also launching FASTag marketing arrangement with IDFC First Bank at select retail outlets, which is one of its kind, Sai Kumar Suri, ED-Retail, HPCL said in a statement. The first one too.
FASTag program was jointly launched by National Highway Authority of India (NHAI), Indian Highway Management Company Limited (IHMCL) and National Payments Corporation of India (NPCI) as a means of accepting toll fare at all National Highway Plazas. Banks act as issuers and acquirers in this ecosystem that processes around seven million transactions a day.