PhonePe and ICICI Bank have introduced their partnership for the issuance of ICICI Bank FASTag utilizing UPI on the digital funds app. The nationwide financial institution says that the integration would enable over 280 million registered PhonePe customers to order and monitor the ICICI Bank FASTag conveniently through the app for Android and iOS. Since the fee is completed through the UPI technique on PhonePe, prospects from any checking account can order the tag for his or her automobile that can be utilized to journey interstate. The digital tag acts as a pay as you go token that lets customers pay at toll plazas digitally. Notably, ICICI Bank’s cellular app iMobile Pay additionally has an inbuilt possibility to enable prospects to buy ICICI Bank FASTag.
Speaking extra on the collaboration, Sudipta Roy, Head of Unsecured Assets at ICICI Bank, stated that the firm is completely satisfied to collaborate with PhonePe and National Payments Corporation of India (NPCI) to enhance the adoption of FASTag in India. “This collaboration enables millions of PhonePe customers to easily apply for a new FASTag and get it delivered free of cost at their doorstep. The association comes in handy, even for users, who are not customers of ICICI Bank, as it allows them to order and later recharge with the convenience of UPI,” the senior government state in a press release.
Deep Agrawal, Head of Payments at PhonePe, additionally lauded the partnership and added that the firm noticed 145 p.c development in the adoption of FASTag through the platform over the final three months. Although the firm says that the adoption signifies a rise in interstate journey since the ease of COVID-19 lockdown protocols, the authorities additionally made it obligatory for autos in the nation to carry FASTag no matter interstate or intrastate journey. Denny Thomas, Head of NETC & AEPS, NPCI stated the partnership between the two funds firms will “definitely” enhance the adoption of NETC FASTag and facilitate its doorstep supply to the prospects.
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To order ICICI Bank FASTag through PhonePe, customers will want to go to the app’s homepage and click on on ‘ICICI Bank FASTag’ beneath the My Money and Switch part. Then click on on ‘Buy new FASTag’ and enter fundamental particulars resembling PAN, automobile quantity earlier than making the fee. The FASTag shall be delivered to the prospects’ doorstep which will be affixed on the automobile windshield. The value of the ICICI Bank FASTag through PhonePe stays unclear. On the different hand, the iMobile Pay app gives a brand new FASTag at Rs 500 the place the tag prices Rs 100, and Rs 200 is the minimal stability. The remaining Rs 200 is a refundable deposit.
