IDFC First Bank has partnered Hindustan Petroleum Corporation Ltd (HPCL) to facilitate fuel payments at their retail outlets using the bank’s FASTags. In addition, IDFC First Bank’s FASTags can now also be bought, recharged and replaced by passenger vehicle users at select HPCL retail outlets.
B Madhivanan, chief operating officer, IDFC First Bank said, “As a digital-first bank, our effort is to make all transit-related payments simpler. IDFC First Bank has issued close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day.” This tie-up makes the purchase and use of tags convenient for about five million motorists, it said in a statement.
The company said motorists will now have the convenience of a single form factor and single balance for payments related to road travel in the form of FASTag.
So far, FASTags have only been used to pay for toll charges. Last year, IDFC First Bank was the first to introduce fuel payments using FASTag balances for commercial vehicles users at HPCL retail outlets. Now, it is being extended to personal vehicle users as well.
“We were the first to introduce FASTag based fueling at HPCL retail outlets in the last financial year, by way of acceptance of IDFC First Bank FASTags through our fleet loyalty program “Drive Track Plus”. We are now introducing payment through IDFC BANK FASTag on “HP Pay” mobile app. We are also starting a FASTag marketing arrangement with IDFC FIRST Bank at select retail outlets, which is also the first of its kind,” Sai Kumar Suri, ED-Retail of HPCL said, in a statement.
The FASTag program was jointly launched by the National Highway Authority of India (NHAI), Indian Highways Management Company Ltd (IHMCL) and National Payments Corporation of India (NPCI) as a medium to accept toll fare across all National Highway plazas. Banks act as issuers and acquirers in this ecosystem which processes close to seven million transactions a day.