Buying petrol and paying parking fee charges is now all set to become easier with the use of FASTags. These newly-issued FASTags by the Indian Highways Management Company Ltd (IHMCL) will also be bank-neutral.
What are FASTags?
FASTags are stickers employing radio-frequency identification for automatic deduction of toll charges, without motorists having to stop at toll plazas to make the payment.
Given the amount of time one ends up spending at toll plazas–this is certainly a welcome move.
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Said to be operational at more than 420 toll plazas across national and state highways, these FASTags will provide a perfect solution for a hassle-free trip on national highways.
How will it work?
Under the IHMCL FASTags, consumers will be able to link their FASTags with any of their bank accounts or payment apps, a feature which was not available earlier. Previously, consumers had to link their FASTags to the banks from which they purchased the tags.
Benefits
Besides the reduction in wait time at the toll plaza, here are some other benefits.
1. You can avail a cashback of five per cent on all National Toll payments using FASTag in 2018-19.
2. You will save time since the FASTag is read by the tag reader at the plaza and the amount is deducted automatically when the vehicle approaches the toll plaza. The vehicle with the FASTag doesn’t need to stop at the toll plaza for the cash transaction.
3. You have the ease of recharging your account online, via credit/debit card or even through the net banking facility.
4. It will not be mandatory to carry cash any more. This is also one step closer to achieving the larger goal of making India a digital payment society by reducing her dependency on cash payments.
5. For a smooth usage, the customer will receive SMS and e-mail alerts on their registered mobile number/e-mail address for the transactions from the tag account.
6. Customers can also access their statements by logging on the FASTag customer portal.
According to a report published in Mint, the road ministry is looking to increase electronic toll transactions from 27-28 per cent on national highways to 50 per cent, or revenues of ₹12,000 crore by March 2019.
Here’s hoping this new FASTag eases traffic woes on toll plazas.
(Edited by Shruti Singhal)
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