FASTag on PhonePe zooms ahead with 1 million users and over 7 million transactions
National, 11th November 2020: PhonePe, India’s leading digital payments platform today 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.
Speaking about this milestone, Ankit Gaur, Director of Business Development at PhonePe said “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.”
To recharge your FASTag on PhonePe:
Step 1: Select “View More” from the Recharge and Pay Bills section on the homepage
Step 2: Select ‘FASTag Recharge”
Step 3: Select your issuing bank
Step 4: Enter your vehicle number and click confirm
Step 5: Enter the amount you want to recharge your FASTag for and proceed to payments
PhonePe is India’s leading digital payments platform with over 250 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 220 apps including Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at 13 million merchant outlets across 500 cities nationally.
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