back Back

ICICI Bank and PhonePe team up to issue FASTag

By Leandra Monteiro

April 01, 2021

  • Icici
  • India
Share

ICICI Bank, PhonePe, digital, payments, account, India, Star Health Insurance, insurtechICICI Bank and PhonePe have announced their partnership for the issuance of FASTag using UPI on the PhonePe App. This integration allows over 280 million registered PhonePe users to order and track the ICICI Bank FASTag easily on the app. PhonePe users, who may be customers of any bank, will have a fully digitised experience as they do not have to visit physical stores or toll locations to buy a FASTag.

Speaking on the collaboration, Mr. Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “We are delighted to partner with PhonePe and NPCI to facilitate increased digital adoption of FASTag in the ecosystem. This collaboration enables millions of PhonePe customers to easily apply for a new FASTag and get it delivered free of cost at their doorstep. 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. With this, ICICI Bank has achieved another feat in the FASTag ecosystem. We have an extensive association with FASTag from its inception, as we were first to launch it nationally on the Mumbai – Vadodara corridor. Since then, we have endeavoured to expand its usage with digital availability and innovative solutions like parking fee collection at GMR Hyderabad International Airport and at Tech Parks & malls in Gurugram; Trivandrum and Vizag. Our market leadership in value and volume of average daily transactions on FASTag is a testimony of the trust that customers have shown in our rollout. We believe that our latest tie-up with PhonePe will go a long way to make availability of FASTag even more convenient, digital and frictionless.”

Commenting on the development, Mr. Deep Agrawal, Head – Payments, PhonePe said, “We are excited to partner with ICICI Bank to enable millions of PhonePe users to directly purchase FASTag on our platform in a seamless and convenient manner. FASTag has been instrumental in digitizing 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. In fact, FASTag recharge has witnessed a 145% growth over the last 3 months indicating increased intercity travel as markets opened up post the lockdown.  We are confident that with PhonePe’s reach, superior payment and user experience, we will enable millions of consumers to purchase and use FASTag across the country.”

Sharing NPCI’s perspective Mr. Denny Thomas, Head NETC & AEPS, NPCI said, “The partnership of PhonePe and ICICI Bank will definitely increase the adoption of NETC FASTag and facilitate its doorstep delivery to the customers. We believe that this initiative will further deepen the penetration of FASTag across the country and provide the users with a seamless recharge experience through the PhonePe app. Customers have realised the importance of contactless electronic toll payments and with the increase in acceptance of FASTag at various State and City toll plazas, the retail customers are now looking forward for the same seamless experience in parking and other use case.”

PhonePe users can buy ICICI Bank FASTag by following a few simple steps. The users need to go to the PhonePe app’s homepage and click on ‘ICICI Bank FASTag’ (under My Money and Switch section) and click on ‘Buy new FASTag’. Then they need to enter the basic details such as PAN, Vehicle Number before making the payment. The FASTag will be delivered to the customers’ doorstep which can be affixed on the vehicle windshield and then be used instantly.

Previous Article

March 31, 2021

Concentra Bank selects Intellect to power cloud banking on Azure

Read More
Next Article

April 01, 2021

Unifimoney partners with Gemini to bring cryptocurrency trading to its money management app

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Icici

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

Today

Boodil launches innovative Travel Payments Platform

Read More

Today

heymax & Visa team to simplify Credit Card rewards experience

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023