ICICI Bank and PhonePe have come together to issue FASTag using UPI payments on PhonePe app, this integration will allow 280 million registered PhonePe users to use and track ICICI Bank FASTag on PhonePe App,
“This integration allows over 28 crore registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app,” the companies said in a statement on Thursday.
FAStag is owned by Indian Highways Management Company Ltd. (IHMCL), which has been instrumental in making payments across national highways digital.
Deep Agarwal, Payments Head, PhonePe said, “FASTag has been instrumental in digitizing the transit payments sector. We have already seen a phenomenal response from our users recharging FASTag on our platform, with millions of customers recharging daily on the app. In fact, FASTag recharge has witnessed a 145% growth over the last 3 months indicating increased intercity travel as markets opened up post the lockdown.”
IHMCL along with National Payments Corporation of India (NPCI) and National Highway Authorities of India (NHAI), are trying to make payments completely digital and GPS based.
Denny Thomas, Head NETC & AEPS, at NCPI said, “The partnership of PhonePe and ICICI Bank will definitely increase the adoption of NETC FASTag and facilitate its doorstep delivery to the customers. We believe that this initiative will further deepen the penetration of FASTag across the country and provide the users with a seamless recharge experience through the PhonePe app.”