IDFC First Bank and Hindustan Petroleum Corporation Ltd (HPCL) on Friday signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags.
Further, IDFC First Bank’s FASTags can now also be bought, recharged and replaced by passenger vehicle users at select HPCL retail outlets, it said. This partnership, the statement said, makes the purchase and use of tags convenient for five million motorists using IDFC First Bank FASTags at HPCL retail outlets. The agreement was signed in Mumbai at an event attended by the senior management of HPCL and IDFC First Bank.
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, through DriveTrack Plus PoS terminals, it said. Positive feedback from these users encouraged the bank to extend the facility to personal vehicle users as well.
B Madhivanan, chief operating officer, IDFC First Bank, said it 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.
“The partnership with HPCL gives our customers the ability to pay for fuel by using FASTag. Motorists now have the convenience of a single form factor and single balance for payments related to road travel in the form of FASTag,” said Madhivanan.
Sai Kumar Suri, executive director (retail) at HPCL said, “We were the first to introduce FASTag based fuelling at HPCL retail outlets in the last financial year, by way of acceptance of IDFC First Bank FASTags through our fleet loyalty program DriveTrack Plus.”
The FASTag programme 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. FASTags are accepted across all national highway toll plazas and select state highways.
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