HPCL joins hands with ICICI Bank to accept fuel payments using FASTag
By Sanjay Maurya
News Highlights
- Customers are allowed to pay for fuel and lubricants at HPCL retail locations using their ICICI Bank FASTag.
- FASTag enables individuals to drive through FASTag lanes without having to stop to pay toll taxes.
- Through the HP Pay App, this service is now available to all clients, HPCL has been the first oil marketing company to integrate payment systems with FASTag.
Customers are allowed to pay for fuel and lubricants at Hindustan Petroleum Corporation Limited retail locations using their ICICI Bank FASTag result of a partnership between Hindustan Petroleum Corporation Limited (HPCL) and private lenders ICICI Bank. Users of the ICICI Bank FASTag commercial vehicle tag will appreciate the simplicity of having only one tag to pay for fuel, tolls, and parking. HPCL is the country’s first oil marketing company (OMC) to offer FASTag for fuel purchases by both retail and commercial customers at its 19,000 outlets across the country.
The agreement between HPCL and ICICI Bank boosts FASTag’s digital payments. Such efforts not only support the government of India’s Digital India mission but also improve the consumer experience at HPCL retail outlets by allowing for easier payments, According to HPCL.
ICICI Bank
- CEO: Sandeep Bakhshi
- Headquarters: Vadodara
- Founded: June 1994
- Number of employees: 97,354
- Revenue: 1,300 crores USD
ICICI Bank is India’s largest private sector bank. On September 30, 2020, the Bank’s consolidated total assets were INR 14.76 trillion. ICICI Bank presently has 5,288 branches and 15,158 ATMs in India.
The commercial viability of accounts has been a challenge for banks in their financial inclusion efforts, as the majority of these accounts are inactive. Only about 30 percent of the 18.5 million ICICI Bank accounts are active.
Key points HPCL partners with ICICI Bank
- FASTag is responsible for NHAI’s electronic tolling and other ancillary services. The National Payments Corporation of India (NPCI), the Indian Highway Management Company Limited (IHMCL), and the National Highways Authority of India (NHAI) are collaborating to fully digitize state and national highway toll payments.
- FASTag enables individuals to drive through FASTag lanes without having to stop to pay toll taxes since the fees are taken from their prepaid or bank account. Users may just recharge their FASTag and continue on their way without stopping at toll booths.
- Through the HP Pay App, this service is now available to all clients. HPCL has been the first oil marketing company to integrate payment systems with FASTag as a result of this effort. HPCL has previously enabled fleet clients to make digital payments using the HPCL DriveTrack Plus terminal and IDFC Bank FASTag.
Furthermore, Mukesh Kumar Surana, Chairman and Managing Director, stated. HPCL has partnered with three companies in the last few months to install charging infrastructure at its retail locations: companies such as Convergence Energy Services Ltd (CESL), Tata Power, and Magenta EV Systems.
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