Digital payments via Fastags account for 25% of toll collection in India: NPCI

FastagE-payments collected through Fastags account for 25 percent of the total toll collected in India says National Payments Corporation of India (NPCI).

The payments body is hoping to inflate this contribution to 50 percent in future.

The average daily transaction handled by Electronic Toll Collection (NETC) has reported an increase from 30,000 daily transactions in January 2017 to 8.62 lakh transactions, said NPCI.

NPCI further said that it is working towards popularising the acceptance of Fastags among the toll plazas handled by state and cities, apart from national highways toll network of 496 plus tolls points.

One of the biggest challenges faced by NPCI is the rising usage of Radio-Frequency Identification (RFID) tags for making toll payments. The journey that began with a handful of banks, today 22 banks have issued 4.6 million Fastags.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 3rd BFSI Cloud & Security Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.