· NETC FASTag transaction count witnessed a jump of 54% in two months
· More than 18.09 million issuance of NETC FASTag since inception
· Currently 26 member banks are issuing NETC FASTag
· NETC FASTag is live on 693+ toll plazas across India out 48 are State toll plaza and 20 are City toll plaza
Bengaluru, NFAPost: National Payments Corporation of India (NPCI) said that the transaction count of NETC FASTag under the National Electronic Toll Collection (NETC) programme has crossed 86 million in July 2020. It witnessed a sharp jump of 54% as compared to previous two months.
In July 2020, the transaction count of NETC FASTag stood at 86.26 million with transaction value Rs. 1623.30 crore, compared to a transaction count of 81.92 million and a transaction value of Rs. 1511.93 crore in June 2020.
NPCI Chief Operating Officer Praveena Rai said the organisation is glad to witness NETC FASTag scaling new heights within 4 years of its inception.
Interoperability
“The interoperability of NETC FASTag has helped millions of vehicle owners get the seamless toll plaza experience. We at NPCI strive to make essential travel safer for customers and provide them with make contactless, hassle-free and convenient toll payments,” said NPCI Chief Operating Officer Praveena Rai.
NPCI Chief Operating Officer Praveena Rai is confident that NETC FASTag will see increased adoption in the future as it is also venturing into the state highways, city toll plazas and parking lots, enabling digital Contactless Toll Payment facility to local city residents as well.
Recently NPCI announced the expansion of its 100% Contactless and Interoperable Parking Solution with NETC FASTag in major cities like Delhi, Mumbai, Chennai and Bengaluru. GMR Hyderabad International Airport has already launched the first of its kind contactless car parking facility with NETC FASTag to offer a 100% Contact Less and Safer parking payments experience for travellers.
Reloadable tag
NETC FASTag is a simple to use, reloadable tag fixed on the windscreen of a vehicle which enables automatic deduction of toll charges from the linked prepaid or savings account while the vehicle is in motion. A user receives an SMS alerts on his registered mobile number for all the transactions done in his tag account. The vehicle with NETC FASTag doesn’t need to stop at toll plazas for toll payment, saving fuel and travel time.
NETC FASTag is mandatory from 1st December 2019 at all National Highway Toll Plazas. NETC FASTag can also be purchased at toll plazas, select bank branches and online through e-commerce platforms. It can be recharged online through all payment channels including UPI, BBPS and cards.
NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
Retail payment
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country.
It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants.
NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
