PhonePe and ICICI Bank to partner to issue integrated FASTag

PhonePe and ICICI Banks have announced their partnership for the issuance of FASTag using UPI. This integration will allow over 280 million users to order and track the ICICI Bank FASTag through the app. PhonePe users now don't have to visit physical stores or toll locations to buy a FASTag. They can even recharge it straight from their PhonePe accounts.

Further, ICICI Bank is the first bank to partner with PhonePe for the issuance of FASTag. “This collaboration enables millions of PhonePe customers to easily apply for a new FASTag. They also get it delivered free of cost at their doorstep,” stated Mr Sudipta Roy, Head - Unsecured Assets, ICICI Bank. “We believe that our latest tie-up with PhonePe will go a long way to make the availability of FASTag even more convenient, digital and frictionless,” he further added.

How to buy a FasTAG from PhonePe?

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

Mr Deep Agrawal, Head - Payments, PhonePe states that 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. Millions of customers are 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.”

What is a FasTAG?

FASTag is a brand name owned by Indian Highways Management Company Ltd. (IHMCL). It carries out electronic tolling and other ancillary projects of National Highway Authorities of India (NHAI). National Payments Corporation of India (NPCI), IHMCL and NHAI are working together to make state and national highway toll payments completely digital.