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IDFC First Financial institution has partnered Hindustan Petroleum Company Ltd (HPCL) to facilitate gas funds at their stores utilizing the financial institution’s FASTags. As well as, IDFC First Financial institution’s FASTags can now even be purchased, recharged and changed by passenger automobile customers at choose HPCL stores.
This tie-up makes the acquisition and use of tags handy for about 5 million motorists, it mentioned in a press release.
“As a digital-first financial institution, our effort is to make all transit-related funds less complicated. IDFC First Financial institution has issued shut to 5 million FASTags and these tags are used actively by motorists throughout toll plazas with transactions averaging two million a day,” mentioned B Madhivanan, chief working officer, IDFC First Financial institution.
The corporate mentioned motorists will now have the comfort of a single type issue and single stability for funds associated to highway journey within the type of FASTag.
To this point, FASTags have solely been used to pay for toll prices. Final 12 months, IDFC First Financial institution was the primary to introduce gas funds utilizing FASTag balances for industrial autos customers at HPCL stores. Now, it’s being prolonged to non-public automobile customers as nicely.
“We have been the primary to introduce FASTag primarily based fueling at HPCL stores within the final monetary 12 months, by the use of acceptance of IDFC First Financial institution FASTags via our fleet loyalty program“DriveTrack Plus”. We at the moment are introducing cost via IDFC BANK FASTag on “HP Pay” cellular app. We’re additionally beginning a FASTag advertising association with IDFC FIRST Financial institution at choose stores, which can be the primary of its variety,” Sai Kumar Suri, ED-Retail of HPCL mentioned, in a press release.
The FASTag program was collectively launched by the Nationwide Freeway Authority of India (NHAI), Indian Highways Administration Firm Ltd (IHMCL) and Nationwide Funds Company of India (NPCI) as a medium to just accept toll fare throughout all Nationwide Freeway plazas. Banks act as issuers and acquirers on this ecosystem which processes near seven million transactions a day.
In accordance with the federal government knowledge, toll assortment via FASTag recorded 193.6 million transactions amounting to Rs 3,000 crore in September, whereas in August, it had recorded 201.2 million transactions price 3,076.56 crore.
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