ICICI Bank and PhonePe today announced their partnership for the issuance of FASTags using UPI on the PhonePe App. This integration allows over 280 million registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app. PhonePe users, who may be customers of any bank, will have a fully digitised experience as they do not have to visit physical stores or toll locations to buy a FASTag. ICICI Bank is the first bank to partner with PhonePe for the issuance of FASTag.
“We are delighted to partner with PhonePe and NPCI to facilitate increased digital adoption of FASTag in the ecosystem. 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. With this, ICICI Bank has achieved another feat in the FASTag ecosystem. We believe that our latest tie-up with PhonePe will go a long way to make the availability of FASTag even more convenient, digital and frictionless,” said Sudipta Roy, Head - Unsecured Assets, ICICI Bank
“FASTag has been instrumental in digitising the transit payments sector. FASTag recharge has witnessed a 145 per cent growth over the last 3 months indicating increased intercity travel as markets opened up post the lockdown,” commented Deep Agrawal, Head - Payments, PhonePe
Sharing NPCI’s perspective Denny Thomas, Head NETC & AEPS, NPCI said, “The partnership of PhonePe and ICICI Bank will definitely increase the adoption of NETC FASTag and facilitate its doorstep delivery to the customers. Customers have realised the importance of contactless electronic toll payments and with the increase in acceptance of FASTag at various State and City toll plazas, the retail customers are now looking forward to the same seamless experience in parking and other use cases.”
PhonePe users can buy ICICI Bank FASTag by following a few simple steps. The users need to go to the PhonePe app’s homepage and click on ‘ICICI Bank FASTag’ (under My Money and Switch section) and click on ‘Buy new FASTag’. Then they just need to enter the basic details such as PAN, vehicle number before making the payment. The FASTag will be delivered to the customers’ doorstep which can be affixed on the vehicle windshield and then be used instantly.
