ICICI Bank crosses milestone of issuing 2 million FASTag

ICICI Bank crosses milestone of issuing 2 million FASTag

Agency News

Mumbai, Oct 31 : Private sector lender ICICI Bank on Thursday said it has crossed a milestone of issuing 2 million FASTag till date, the most by any financial institution in the country.

The Bank aims to double the number in the next six months.

FASTag is a brand name owned by Indian Highways Management Company Ltd.

(IHMCL) which carries out electronic tolling and other ancillary projects of NHAI.

This Radio Frequency Identification Device (RFID) tag is affixed on the windscreen of the vehicle. It is an easy to use, reloadable tag which enables automatic deduction of toll charges and lets the vehicle pass through the toll plaza without stopping for cash transaction.

ICICI Bank commands more than half of the market share in terms of the number of transactions on FASTag. In terms of value, the Bank’s share is even higher, at 60 per cent. In September,  out of 29 million FASTag transactions across the industry, ICICI Bank undertook nearly 15.4 million transactions, totaling nearly Rs 395 crore.

The FASTag platform allows motorists to pay at multiple toll plazas acquired by the bank using a single tag. Currently, the bank handles 212 toll plazas on state and national highways. This represents nearly 40 per cent of the toll plazas that are currently operational under the FASTag programme. (UNI)