ICICI Bank and Phonepe yesterday announced their partnership for the issuance of FASTag using UPI on the PhonePe App. This steps allows over 280 million registered PhonePe user to order and track the ICICI Bank FASTag conveniently on the app.
PhonePe users are may be customers of aby bank, will have a fully digitised experience as they don’t have to visit physical stores or toll locations to buy a FASTag. ICICI Bank is the first bank partner with Phonepe for the issuance of FASTag.
“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,” Deep Agrawal, Head – Payments, PhonePe said.
SUBMITTED BY B. MAKARAJOTHI