ICICI Bank and PhonePe have recently announced their partnership for the issuance of FASTag using UPI on the PhonePe App. This integration allows over 280 million registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app. PhonePe users, who may also be the customers of any bank, will have a fully digitised experience as they don’t have to visit physical stores or toll locations to buy a FASTag. Thus, ICICI Bank becomes the first bank to partner with PhonePe for the issuance of FASTag.
Sudipta Roy, Head – Unsecured Assets, ICICI Bank, remarked, “We are delighted to partner with PhonePe and NPCI to facilitate increased digital adoption of FASTag in the ecosystem. This collaboration enables millions of PhonePe customers to easily apply for a new FASTag and get it delivered free of cost at their doorstep. The association comes in handy, even for users, who are not customers of ICICI Bank, as it allows them to order and later recharge with the convenience of UPI. We believe that our latest tie-up with PhonePe will go a long way to make the availability of FASTag even more convenient, digital and frictionless.”
Deep Agrawal, Head – Payments, PhonePe, stated, “FASTag has been instrumental in digitizing the transit payments sector. We have already seen a phenomenal response from our users recharging FASTag on our platform, with millions of customers recharging daily on the app. In fact, FASTag recharge has witnessed a 145% growth over the last 3 months indicating increased intercity travel as markets opened up post the lockdown.”
Steps for PhonePe users to buy ICICI Bank FASTag:
- The users need to go to the homepage of PhonePe app and click on ‘ICICI Bank FASTag’ (under the My Money and Switch section).
- Click on ‘Buy new FASTag’.
- Then they just need to enter the basic details such as PAN, Vehicle Number before making the payment.
- The FASTag will be delivered to the customers’ doorstep which can be affixed on the vehicle windshield and then is used instantly.