IDFC First Bank has collaborated with HPCL for facilitating payment of fuel at their outlets via the bank's FASTags. Also, as part of the collaboration, at some of the select HPCL outlets, those plying via passenger vehicles can buy, recharge as well as replace FASTags offered by IDFC First Bank.
In a statement the bank said, the partnership will make it convenient to buy and use tags for around 5 million motorists. IDFC First Bank COO adds ""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".
HPCL stated motorists will have the ease of a single form factor and single balance for payments related to road travel in the form of FASTag.
Until now FASTags were being used only for paying for toll charges. The bank last year became the first bank to introduce fuel payments via FASTag for commercial vehicle users at HPCL outlets and now similar service is being extended to personal vehicle users.
"We were the first to introduce FASTag based fueling 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 a FASTag marketing arrangement with IDFC FIRST Bank at select retail outlets, which is also the first of its kind," Sai Kumar Suri, ED-Retail of HPCL said, in a statement.