BUSINESS

Hindustan Petroleum Corporation Limited (HPCL) 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 Corporation Limited (HPCL) signed an settlement with IDFC FIRST Bank to facilitate gas funds by motorists at HPCL’s shops utilizing FASTags, in accordance with a latest assertion launched by the corporate. As a part of the initiative, IDFC FIRST Bank’s FASTags may also be purchased, recharged, and changed by passenger automobile customers at chosen HPCL shops. This makes the acquisition and use of tags handy for as many as 5 million motorists utilizing IDFC FIRST Bank FASTags on the HPCL shops, in accordance with the assertion. So far, FASTags have solely been used to pay for toll prices. Last yr, IDFC FIRST Bank was the primary to introduce gas funds utilizing FASTag balances for the industrial automobile customers on the HPCL shops, by means of DriveTrack Plus POS terminals. Later, the power was prolonged to private automobile customers as effectively. Personal automobile customers can now begin utilizing IDFC FIRST Bank’s FASTags to make gas purchases at HPCL shops and avail reward factors. Payments utilizing the FASTag steadiness can now be made by linking the FASTag to the “HP Pay” cellular utility. ”IDFC FIRST Bank 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 provides our prospects the flexibility to pay for gas by utilizing FASTag. Motorists now have the comfort of a single kind issue and single steadiness for funds associated to highway journey within the type of FASTag,” mentioned B Madhivanan, Chief Operating Officer, IDFC FIRST Bank. The FASTag scheme was collectively launched by the National Highway Authority of India (NHAI), Indian Highways Management Company Ltd (IHMCL), in addition to the National Payments Corporation 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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