IDFC FIRST Bank’s FASTags can also be bought, recharged, and replaced by passenger vehicle users at selected HPCL retail outlets.
Your MoneyEdited by Nikita PrasadUpdated: November 19, 2021, 8:39 pm IST
State-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.