FASTag on PhonePe reaches 1 million users and over 7 million transactions

By VARINDIA - 2020-11-11

FASTag on PhonePe reaches 1 million users and over 7 million transactions

PhonePe has announced that FASTag, the RFID based system used to make payments at tolls has crossed 1 million users with over 7 million transactions. FASTag transactions that were down during the lockdown due to travel restrictions have since grown 280% relative to Jan’20, translasting to a 21X jump for transactions on PhonePe relative to 7X growth seen in the industry since April’20.

 

PhonePe supports recharges for 19 major FASTag issuing banks making recharges a breeze with instant, secure and contactless recharges in just a few taps. With FASTag and easy recharge option available through PhonePe, commuters can avoid long snaking traffic jams at toll plazas and the inconvenience of carrying and tendering exact change to pay for tolls across the country.

 

Ankit Gaur, Director of Business Development at PhonePe, says, “PhonePe’s contactless and instant recharges of FASTag with zero fees, unmatched choice via PhonePe’s partnership with 19 FASTag issuing banks, with more being added as we speak and a huge reduction in waiting time at toll plazas are all clear contributors to the exponential growth this category is seeing. We have seen over 400% growth in private vehicle recharges alone indicating increased intercity travel as markets beginning to open up post the lockdown.”


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