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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