ICICI Bank, PhonePe tie up for issuance of FASTags
Under the partnership, the issuance of FASTag will take place by using UPI on the PhonePe app
New Delhi: ICICI Bank and digital payment wallet PhonePe have partnered for issuance of FASTag, which facilitates electronic payment of fee at toll plazas.
Under the partnership, the issuance of FASTag will take place by using UPI on the PhonePe app. This integration allows over 28 crore registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app, ICICI Bank said in a release.
Those PhonePe users who are also ICICI Bank customers do not need to visit physical stores or toll collection locations to buy a FASTag. FASTag is a brand name owned by Indian Highways Management Company Ltd (IHMCL), which carries out electronic tolling and other ancillary projects of the National Highway Authorities of India (NHAI).
The National Payments Corporation of India (NPCI), IHMCL and NHAI are working together to make state and national highway toll payments completely digital. ICICI Bank Head (Unsecured Assets) Sudipta Roy said, "This collaboration enables millions of PhonePe customers to easily apply for a new FASTag and get it delivered free of cost at their doorstep."
He added that the association comes in handy even for users who are not customers of ICICI Bank, as it allows them to order and later recharge with the convenience of UPI. PhonePe Head (Payments) Deep Agrawal said, "FASTag has been instrumental in digitising the transit payments sector. We have already seen a phenomenal response from our users recharging FASTag on our platform, with millions of customers recharging daily on the app."
He added that FASTag recharge has witnessed a 145 per cent growth over the past three months, indicating increased intercity travel as markets opened up post the lockdown. NPCI Head (National Electronic Toll Collection and Aadhaar-enabled Payment System) Denny Thomas said, "The partnership of PhonePe and ICICI Bank will definitely increase the adoption of NETC FASTag."