Now ICICI FASTag holders can pay for fuel through FASTag at around 3,000+ Indian Oil Corporation petrol bunks

 

95% + 4 Wheel Vehicle users in India are now familiar with FASTag and its benefits.

To increase FASTag usage ICICI Bank and Indian Oil Corporation have tied up for fuel refueling at around 3,000+ Indian Oil Corporation petrol bunks.



Minimum Requirements:

·        Vehicle users should have ICICI Bank FASTag

·        The FASTag should have an adequate balance for the transaction to be done. For eg., If the vehicle user desires to buy fuel worth INR1,000/-, the respective FASTag should have a similar balance. If the FASTag is having only a balance of INR900/- then this mode will not work.  

·        The vehicle user should have the mobile phone number registered with ICIC Bank for FASTag transactions on hand to complete the transaction. This is necessary as ICICI Bank will send the OTP to the mobile number registered with it for FASTag transactions. No auto deductions, like Toll Payments will happen at Indian Oil fuel stations.

·        The POS Machine at the Indian Oil fuel station should be configured to accept payments from FASTag.

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).

The primary purpose of FASTag is for electronic tolling at NHAI Toll plazas.  The digital payment process was aimed to fasten and smoothen the toll collection process and reduce waiting time or long queues at the toll plazas.

As this process is almost stabilized, the Issuing Banks, Acquiring Banks and NPCI are looking at other ways to increase FASTag usage.

One emerging use case is FASTag for parking.

Another emerging use case is FASTag for refueling at Fuel stations or petrol bunks as commonly referred.

In this endeavour, ICICI Bank and Indian Oil Corporation have come together to increase the FASTag usage especially at around 3,000 Indian Oil Corporation fuel stations.

 A statement released on Sunday said, "ICICI Bank FASTag users can now enjoy a fully digitized experience at Indian Oil's fuel stations which will reduce wait time for customers."

According to the statement, around 3,000 Indian Oil retail outlets will be covered across India in the first phase of this initiative.

The system is integrated with Indian Oil's automation system which removes any manual intervention during the fuelling process.

This integration allows for the payment of petrol, diesel, and lubricants through ICICI Bank FASTag.

 "To avail this facility, customers must inform the customer attendant while fuelling, who will then scan the vehicle's FASTag/car number plate.

The customer will then receive an OTP to validate the transaction. The transaction will be completed when the OTP is entered in the POS machine and customer will receive a confirmation message from the bank," the statement said.

“The launch of Indian Oil ICICI Bank FASTag Payments is a significant leap to strengthen the aspirations of Digital India as Indian Oil and ICICI Bank join hands with FASTag to provide an enhanced fuelling experience for customers,” said Shrikant Madhav Vaidya, chairman, Indian Oil Corporation.

Indian Oil commissioned a record 3000 new retail outlets, including 1196 Kisan Seva Kendra outlets. With this, its total number of fuel stations have exceeded a total of 32,000

The process in brief is as under:

o   Vehicle having ICICI Bank FASTag enters the Indian Oil fuel station, where this payment mode is accepted.

o   The vehicle user informs the fuel station attendant that he/she will make payment via FASTag.

o   On completion of the service, Indian Oil attendant will scan the vehicle's FASTag/car number plate and key the amount in the POS

o   An OTP is received by the vehicle user and the same should be provided to the Indian Oil attendant. He/She will key in the OTP into the POS Machine and on validation, vehicle user FASTag is debited and the payment received by the Indian Oil fuel station.

o   On successful completion of the transaction, ICICI Bank sends a confirmation SMS to the FASTag wallet holder.  

This comes when the country’ petrol and diesel consumption is expected to grow by 14% and 10% respectively in FY22, according to rating agency ICRA. This means the FASTag payment mode at fuel stations has a huge potential

Disclaimer: These are my personal views only. The bottom line is Mission #LessCashNotCashLess

 

 

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