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HomeBusinessHPCL Partners With IDFC First Bank To Enable Fuel Payments Through FASTag

HPCL Partners With IDFC First Bank To Enable Fuel Payments Through FASTag

Banks act as issuers and acquirers within the FASTag digital funds ecosystem

State-run oil refiner Hindustan Petroleum Company Restricted (HPCL) signed an settlement with IDFC FIRST Financial institution to facilitate gasoline funds by motorists at HPCL’s stores utilizing FASTags, in accordance with a current assertion launched by the corporate.

As a part of the initiative, IDFC FIRST Financial institution’s FASTags can be purchased, recharged, and changed by passenger car customers at chosen HPCL stores. This makes the acquisition and use of tags handy for as many as 5 million motorists utilizing IDFC FIRST Financial institution FASTags on the HPCL stores, in accordance with the assertion.

To this point, FASTags have solely been used to pay for toll prices. Final yr, IDFC FIRST Financial institution was the primary to introduce gasoline funds utilizing FASTag balances for the industrial car customers on the HPCL stores, via DriveTrack Plus POS terminals. Later, the ability was prolonged to non-public car customers as properly.

Private car customers can now begin utilizing IDFC FIRST Financial institution’s FASTags to make gasoline purchases at HPCL stores and avail reward factors. Funds utilizing the FASTag stability can now be made by linking the FASTag to the “HP Pay” cellular utility.

”IDFC FIRST Financial institution has issued shut to 5 million FASTags and these tags are used actively by motorists throughout toll plazas with transactions averaging two million a day. The partnership with HPCL offers our clients the flexibility to pay for gasoline through the use of FASTag. Motorists now have the comfort of a single kind issue and single stability for funds associated to street journey within the type of FASTag,” mentioned B Madhivanan, Chief Working Officer, IDFC FIRST Financial institution.

The FASTag scheme was collectively launched by the Nationwide Freeway Authority of India (NHAI), Indian Highways Administration Firm Ltd (IHMCL), in addition to the Nationwide Funds Company of India (NPCI) as a medium to simply accept the toll fare throughout all nationwide freeway plazas.

Banks act as issuers and acquirers on this digital funds ecosystem which processes near seven million transactions per day. FASTags are accepted throughout all nationwide freeway toll plazas and chosen state highways.

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