As an initiative towards the Digital India movement and to make monetary transactions seamless, Hindustan Petroleum Corporation Limited (HPCL) has collaborated with ICICI bank to introduce FASTag transactions at all its 19,000 retail outlets across India.
Customers will now be able to use ICICI bank FASTag to pay for fuel, LPG and lubricants. This alliance is expected to ensure a quick, hassle-free and contactless digital payment experience for customers.
“The collaboration of ICICI Bank and HPCL further strengthens digital payments for FASTag. Such initiatives not only bolster Government of India’s Digital India campaign but also enhance customer experience for easy payments at HPCL retail outlets,” HPCL said in a statement.
This facility is now available for all customers through HP Pay App. With this endeavour, HPCL has become the first Oil Marketing Company to integrate payment systems with FASTag. Earlier, to make digital payments easy, HPCL had enabled fleet customers payment through HPCL DriveTrack Plus terminal, with IDFC Bank FASTag.
Collaborating with ICICI bank, which has a 37 per cent market share in the new FASTag technology, is expected to lead to an influx of customers for HCPL outlets pan- India. Reportedly, integration of HPCL’s Drive Track Plus loyalty programme with ICICI Bank FASTag is also in progress.
FASTag is a rechargeable tag that makes use of Radio-Frequency Identification (RFID) technology to ensure that the relevant charges are automatically deducted from the user’s prepaid or bank account. The tag is now mandatory for toll collection for all vehicles and accounts for approximately Rs 2,500 crore per month.