Digital payments platform PhonePe has announced that the platform now offers lets users recharge FASTag directly with 26 partnered banks. The development will be particularly convenient for those who do not use UPI payments for recharges. The company says PhonePe has served over 6 million FASTag customers on the app so far. In a press note, the digital payments company adds it saw a “three-fold rise in FASTag recharges in July 2021 in comparison to December 2020.” The rapid growth was on account of GST e-way bill integration with FASTags and the addition of new features for customers to use FASTags. These include paying for parking at shopping malls and fuel payments at petrol pumps. Additionally, the growth could also be due to the opening up of the economy amid the COVID-19 pandemic after a deadly second wave between April and May.
Speaking over the development, Director of Business at PhonePe, Ankit Gaur, said that the company is delighted to offer “widest bank coverage” for FASTag recharges in the industry. “We are working to expand the bank coverage even further to cater to the needs of our fast-growing user base,” he added in the press note.
The app promises to offer simple steps to recharge FASTag. To recharge via a partnered bank, click on ‘View More’ from the Recharge and Pay Bills section on the homepage. Select FASTag Recharge and then select the issuing bank. Users will need to enter their vehicle number and click confirm. Following that, enter the amount for which you want to recharge your FASTag and proceed to payments.
Earlier in July, PhonePe announced a partnership with Walmart-owned Flipkart to launch contactless ‘Scan and Pay’ for Flipkart’s pay-on-delivery orders. The digital payment company says that its QR code solution will enable customers who earlier opted for cash on delivery to pay digitally through any UPI app at the time of delivery. This will help reduce personal contact while ensuring safety and drive contactless payments for customers who are traditionally more comfortable with cash on delivery.
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