MoU Signed for Fastag Sale through Petrol Pumps of Leading Oil Marketing Companies
The memorandum of understanding (MoU) has been signed between Indian Highways Management Company Limited (IMHCL) and leading Oil Marketing Companies (OMCs) like BPCL, HPCL, and IOCL for sale of FASTags through their petrol pumps.FASTag is an electronic toll collection system operated by the National Highway Authority of India (NHAI). FASTag enables automatic deduction of toll charges and lets you pass through the toll plaza without stopping for the cash transaction.FASTags are linked to a prepaid account from which the applicable toll amount is deducted automatically. FASTag employs Radio-frequency Identification (RFID) technology.
- This is a bank-neutral FASTag which can be linked to customers’ choice of bank accounts.
- This not only provides flexibility and convenience to the FASTag users but is also user-friendly as there will be no requirement of fulfilling KYC obligations.
- Two FASTag mobile apps were also launched today. The My FASTag Customer App has the distinction of real-time recharge of any FASTag through UPI, it links IHMCL FASTag with customer’s bank account and there is no need to install multiple banks applications.
- Wallet services are also proposed in near future. In the FASTag Point of Sales App, it is possible to create and manage distribution partners, as also to allow sales via petrol pumps.