INSUBCONTINENT EXCLUSIVE:
Banks act as issuers and acquirers in the FASTag digital payments ecosystemState-run oil refiner Hindustan Petroleum Corporation Limited
(HPCL) signed an agreement with IDFC FIRST Bank to facilitate fuel payments by motorists at HPCL's retail outlets using FASTags, according
to a recent statement released by the company.As part of the initiative, IDFC FIRST Bank's FASTags can also be bought, recharged, and
replaced by passenger vehicle users at selected HPCL retail outlets
This makes the purchase and use of tags convenient for as many as five million motorists using IDFC FIRST Bank FASTags at the HPCL retail
outlets, according to the statement.So far, FASTags have only been used to pay for toll charges
Last year, IDFC FIRST Bank was the first to introduce fuel payments using FASTag balances for the commercial vehicle users at the HPCL
retail outlets, through DriveTrack Plus POS terminals
Later, the facility was extended to personal vehicle users as well.Personal vehicle users can now start using IDFC FIRST Bank's FASTags to
make fuel purchases at HPCL retail outlets and avail reward points
Payments using the FASTag balance can now be made by linking the FASTag to the "HP Pay" mobile application.''IDFC FIRST Bank has issued
close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day
The partnership with HPCL gives our customers the ability to pay for fuel by using FASTag
Motorists now have the convenience of a single form factor and single balance for payments related to road travel in the form of FASTag,''
said B Madhivanan, Chief Operating Officer, IDFC FIRST Bank.The FASTag scheme was jointly launched by the National Highway Authority of
India (NHAI), Indian Highways Management Company Ltd (IHMCL), as well as the National Payments Corporation of India (NPCI) as a medium to
accept the toll fare across all national highway plazas.Banks act as issuers and acquirers in this digital payments ecosystem which
processes close to seven million transactions per day
FASTags are accepted across all national highway toll plazas and selected state highways.
