Mumbai (Maharashtra) [India], November 19 (ANI/NewsVoir): IDFC FIRST Bank and Hindustan Petroleum Corporation Ltd. (HPCL) today signed an agreement to facilitate fuel payments by motorists at HPCL's retail outlets using the Bank's FASTags.
Further, IDFC FIRST Bank's FASTags can now also be bought, recharged and replaced by passenger vehicle users at select HPCL retail outlets.
This partnership makes the purchase and use of tags convenient for five million motorists using IDFC FIRST Bank FASTags at HPCL retail outlets. The agreement was signed in Mumbai at an event attended by the senior management of HPCL and IDFC FIRST Bank.
So far, FASTags have only been used to pay for toll charges. Last year, IDFC FIRST Bank was the first to introduce fuel payments using FASTag balances for commercial vehicles users at HPCL retail outlets, through DriveTrack Plus POS terminals. Positive feedback from these users encouraged the Bank to extend the facility to personal vehicle users as well.
Personal vehicle users can now start using IDFC FIRST Bank's FASTags to pay for fuel purchases at HPCL retail outlets and avail an attractive reward points. Payments using the FASTag balance can now be made by linking the FASTag to the "HP Pay" mobile application.
Speaking on the partnership, B Madhivanan, Chief Operating Officer, IDFC FIRST Bank, said, "As a digital-first bank, our effort is to make all transit-related payments simpler. IDFC FIRST Bank has issued close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day. The partnership with HPCL gives our customers the ability to pay for fuel by using FASTag. Motorists now have the convenience of a single form factor and single balance for payments related to road travel in the form of FASTag."
"The association with HPCL, the first in the industry, started last year by enabling commercial vehicle users to pay for fuel on DriveTrack Plus terminals placed at HPCL retail outlets. Given its success, both IDFC FIRST Bank and HPCL are scaling up the initiative by extending it to retail customers for their personal vehicles, through HP Pay app. We thank the HPCL teams for expanding and innovating the usage of FASTag," Madhivanan added.
Sai Kumar Suri, ED-Retail of HPCL said, "We were the first to introduce FASTag based fuelling at HPCL retail outlets in the last financial year, by way of acceptance of IDFC FIRST Bank FASTags through our fleet loyalty program "DriveTrack Plus". We are now introducing payment through IDFC BANK FASTag on "HP Pay" mobile app. We are also starting FASTag marketing arrangement with IDFC FIRST Bank at select retail outlets, which is also first of its kind."
The FASTag program was jointly launched by the National Highway Authority of India (NHAI), Indian Highways Management Company Ltd. (IHMCL) and National Payments Corporation of India (NPCI) as a medium to accept toll fare across all National Highway plazas. Banks act as issuers and acquirers in this ecosystem which processes close to seven million transactions a day. FASTags are accepted across all national highway toll plazas and select state highways. The latest count of active toll plazas was around 900.
IDFC FIRST Bank is an acquiring bank and enables payments via FASTag at close to 260 toll plazas and 15 parking locations. The Bank leads FASTag usage in the commercial vehicle space and is the preferred tag for long haul trucks.
Created in 2018 by the merger of renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First, IDFC FIRST Bank, with a balance sheet of Rs. 1,72,502 crore, has provided over 30 million loans in its combined history and serves customers in over 60,000 villages, cities and towns across the length and breadth of the country.
IDFC FIRST Bank's vision is to build a world class bank in India, guided by ethics and customer first values, powered by technology, and be a force for social good. The Bank's mission is to touch the lives of millions of Indians in a positive way by providing high-quality banking products and services, using contemporary technologies.
In a short time, the Bank has expanded to 599 branches, 185 asset service centres, 720 ATMs including 99 recyclers and 630 rural business correspondent centres across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services, and is incrementally growing digitally. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers technology-enabled corporate banking solutions.
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