PhonePe and ICICI Bank have announced their partnership for the issuance of ICICI Bank FASTag using UPI on the digital payments app. The national bank says that the integration would allow over 280 million registered PhonePe users to order and track the ICICI Bank FASTag conveniently via the app for Android and iOS. Since the payment is done via the UPI method on PhonePe, customers from any bank account can order the tag for their vehicle that can be used to travel interstate. The digital tag acts as a prepaid token that lets users pay at toll plazas digitally. Notably, ICICI Bank’s mobile app iMobile Pay also has an inbuilt option to allow customers to purchase ICICI Bank FASTag.
Speaking more on the collaboration, Sudipta Roy, Head of Unsecured Assets at ICICI Bank, said that the company is happy to collaborate with PhonePe and National Payments Corporation of India (NPCI) to increase the adoption of FASTag in India. “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,” the senior executive state in a statement.
#JustIn: ICICI Bank FASTag is now available on @PhonePe_. With this integration, customers of any bank in India can order, track and even recharge their ICICI Bank #FASTag conveniently and digitally through #UPI on the app itself. pic.twitter.com/0MyxSgrfZx
— ICICI Bank (@ICICIBank) April 1, 2021
Deep Agrawal, Head of Payments at PhonePe, also lauded the partnership and added that the company saw 145 percent growth in the adoption of FASTag via the platform over the last three months. Although the company says that the adoption indicates an increase in interstate travel since the ease of COVID-19 lockdown protocols, the government also made it mandatory for vehicles in the country to carry FASTag regardless of interstate or intrastate travel. Denny Thomas, Head of NETC & AEPS, NPCI said the partnership between the two payments companies will “definitely” increase the adoption of NETC FASTag and facilitate its doorstep delivery to the customers.
To order ICICI Bank FASTag via PhonePe, users will need to go to the app’s homepage and click on ‘ICICI Bank FASTag’ under the My Money and Switch section. Then click on ‘Buy new FASTag’ and enter 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. The price of the ICICI Bank FASTag via PhonePe remains unclear. On the other hand, the iMobile Pay app offers a new FASTag at Rs 500 where the tag costs Rs 100, and Rs 200 is the minimum balance. The remaining Rs 200 is a refundable deposit.