Numadic partners with IDFC Bank and ICICI Bank to enable fuel payments for FASTag users
By Leandra Monteiro
Numadic, India’s fastest-growing vehicle interface solution provider, announced its partnership with the two largest issuers in the FASTag ecosystem, IDFC First Bank Ltd and ICICI Bank Ltd. The partnership enables FASTag based fuel payments across the retail outlets of oil marketing companies. Powered by Numadic’s ‘Nu Fuel’ platform, the Goa based firm is now enabling contactless fuel payments at Hindustan Petroleum Ltd and Indian Oil Corporation Ltd fuel stations. Two additional oil marketing companies are in the pipeline to go live in December and January.
FASTag promises to be the quickest mode to get refueled at a fuel pump in India. Numadic’s ‘Nu Fuel’ product, integrated with the IOCL’s and HPCL’s systems will eliminate any manual intervention during the fueling process and allows for instant payment through FASTag.
Aprup Shet, Cofounder & VP – Partnerships said, “This is a key milestone in our vision of moving closer to a world of autonomous vehicles. Numadic is excited to partner with the combined might of India’s largest fuel retailers to simplify transactions for FASTag users. Our industry leading solutions will ensure quicker turnaround times for end users, fuel station attendants, and allow cost reductions in payments to ‘undisrupt’ vehicle movement. Such initiatives not only bolster Government of India’s Digital India campaign but also enhance customer experience for easy payments at retail outlets.”
Nu Fuel’s product capabilities include standalone or embedded FASTag fueling solution, closed loop multi-issuer bank support along with hardware and software solution integration. Apart from end users, it also aims to simplify fuel transactions for oil marketing companies and fleet operators, consolidating their vehicle spending and tracking to achieve cost savings.
In the two years since launch, the platform has grown to process nearly $1mn in vehicle transactions daily. From vehicle identification, payments to document exchange, the platform powered by Numadic’s Goa-based technology team aims to deliver new-age FinTech solutions to “undisrupt” the movement of people and cargo.
IBSi Daily News Analysis
February 27, 2024
Saudi Arabia’s FinTech market poised for exponential growth: vision 2030 sparks innovation surgeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage