ICICI Bank Joins Hands With Google Pay for Issuance of FASTag Mandatory from January 1 in India
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ICICI Bank on Monday said it has joined hands with Google Pay for issuance of FASTag, a reloadable tag which enables automatic deduction of toll charges and lets users pass through the toll plaza without stopping for cash transactions. This collaboration enables Google Pay users to order, track and even recharge ICICI Bank FASTag digitally on the payments platform itself.
"With the increased adoption of digital payments in all walks of life, we believe that this collaboration with Google will help Google Pay users to apply for a new FASTag and get it delivered free of cost at their doorstep," Sudipta Roy, Head -- Unsecured Assets, ICICI Bank, said in a statement.
"We believe that this initiative will go a long way in increasing adoption of FASTag for toll payments."
FASTag is a brand name owned by Indian Highways Management Company Ltd. (IHMCL), which carries out electronic tolling and other ancillary projects of National Highway Authorities of India (NHAI).
National Payments Corporation of India (NPCI), IHMCL and NHAI are functioning to make state and national highway toll payments completely digital.
"NETC (National Electronic Toll Collection) FASTag is an important milestone in bringing the efficiencies of digital payments into transit and making interstate travel frictionless," said Sajith Sivanandan, Business Head, Google Pay.
"We are very pleased to be joining hands with ICICI Bank to extend the facility of NETC FASTag purchase to millions of users across India through Google Pay."