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ICICI Bank partners with PhonePe to issue FASTag

Private sector lender ICICI Bank has announced its partnership with e-wallet company PhonePe to issue FASTag using UPI in PhonePe App.

“The partnership will allow over 280 million PhonePe users to order and track the ICICI Bank FASTag on their app,” the statement said. 

Speaking on the partnership, Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “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,” Roy said. 

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We have an extensive association with FASTag from its inception, as we were first to launch it nationally on the Mumbai – Vadodara corridor. Since then, we have endeavored to expand its usage with digital availability and innovative solutions like parking fee collection at GMR Hyderabad International Airport and Tech Parks & malls in Gurugram; Trivandrum, and Vizag. Our market leadership in value and volume of average daily transactions on FASTag is a testimony of the trust that customers have shown in our rollout. 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,” Roy added.

Commenting on the development, Deep Agrawal, Head – Payments, PhonePe said, “We are excited to partner with ICICI Bank to enable millions of PhonePe users to directly purchase FASTag on our platform seamlessly and conveniently. 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.” 

“FASTag recharge has witnessed a 145% growth over the last 3 months indicating increased intercity travel as markets opened up post the lockdown. We are confident that with PhonePe’s reach, superior payment, and user experience, we will enable millions of consumers to purchase and use FASTag across the country,” Deep added.

Sharing NPCI’s perspective Mr. Denny Thomas, Head NETC & AEPS, NPCI said, “The partnership of PhonePe and ICICI Bank will 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. Customers have realized 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 another use case.”

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