i.ICICI Bank, with this collaboration becomes the 1st bank to partner with Google Pay to issue FASTag.
ii.ICICI Bank FASTag programme is part of National Electronic Toll Collection(NETC) initiative rolled out by National Payments Corporation of India (NPCI) under the guidelines of National Highway Authority of India (NHAI)and Indian Highways Management Company Ltd (IHMCL).
Important Info
Recently, Nitin Gadkari, Union Minister for Road Transport, Highways and Micro, Small Medium Enterprises(MSMEs) has announced that FASTag is mandatory for all vehicles from 1st January, 2021.
Note
It is to be noted that ICICI bank was the first to launch FASTags service around the country on Mumbai- Vadodara corridor in 2013.
About the Collaboration:
Avail & Reloading
i.ICICI Bank customers can also avail FASTag by using the digital channels of the bank including internet banking, iMobile app, InstaBIZ app, Pockets app or by visiting their nearest bank branch.
ii.Passengers who are not a customer of ICICI bank can purchase FASTag using the Pockets app or by visiting www.icicibank.com/fastag.
iii.By using the bank’s internet banking, UPI and NEFT platforms, the tag can be reloaded online.
Benefits
i.This collaboration further strengthens digital payments for FASTag
ii.ICICI Bank expects that this partnership will help the Google Pay users to apply and to get it at their doorstep at free of cost.
iii.It eliminates the need to visit a bank or kiosk. It also enhance the adoption of FASTag
Gist about FASTag:
The ‘FASTag’ uses Radio-frequency Identification (RFID) technology that provides users with a smooth and effortless cross-over at toll plazas without waiting or halting.
The payment is made digitally through the FASTag linked to the bank wallet.
i.It is a reloadable tag that enables automatic deduction of toll charges and allows people to pass through the toll plaza without the need to stop for the cash transaction.
ii.It is a brand name owned by IHMCL, which undertakes electronic tolling and other ancillary projects of NHAI.
Additional Info:
NPCI, IHMCL & NHAI are jointly working to make state and national highway toll payments completely digital.
Recent Related News:
On January 04, 2020, CSC e-Governance services India ltd has signed a Memorandum of Understanding (MoU) with Paytm Payments Bank ltd (PPBL) for selling FASTags.
About ICICI Bank:
It was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry.
It’s consolidated total assets stood at ₹14,76,014 crore at September 30, 2020.
Headquarters– Mumbai, Maharashtra
Incorporated-1994
Managing Director(MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
