WhatsApp and IDFC FIRST Bank FASTag: IDFC FIRST Bank for the customers, launch its integration with “payments on WhatsApp” would enable quick and secure FASTags recharging. Due to this collaboration, users of IDFC FIRST will be able to recharge their FASTags directly from IDFC FIRST’s WhatsApp chatbot and finish the transaction from within the chat thread.
WhatsApp and IDFC FIRST Bank: Key Points
- The recharge process will be a smooth one that allows payments in two easy stages. Customers must enter the amount and authenticate the transaction using an OTP after choosing the recharge option in the WhatsApp chat. They will then receive a message confirming the transaction.
- Millions of FASTag customers that utilise the Bank, this new feature will enable users to pay for their recharge using “payments on having to sign into any other mobile app or net banking platform.
- Users may now send and receive money via Unified Payment Interface (UPI) from their friends as simple as sending a WhatsApp message thanks to the “Payments on WhatsApp” feature.
- ‘Payments on WhatsApp’ is built with a rigorous set of security and privacy principles with user safety at its core, including entering a unique UPI-PIN for each payment.
About FASTag recharge
- Account holders frequently use the over 25 services offered by IDFC FIRST Bank’s WhatsApp banking channel for loans, credit cards, savings accounts, and FASTag.
- Purchases and recharges of FASTags have now been included in this list of services by the Bank.
- Due to the fact that FASTag is a prepaid device, it’s crucial for users to keep their accounts full before their car pulls up to the toll booth.
- Due to less delays at toll booths, the Bank has so far distributed around 9 million FASTags, facilitating easier and quicker highway travel for its customers.
- With close to 420 toll plazas and 20 parking lots accepting FASTag payments, IDFC FIRST Bank, an acquiring bank, holds a 40% market share in terms of the monthly toll value handled.
- With a 45% market share, The Bank is also the biggest parking grabber.
- The Bank makes payments for around 1 lakh litres of fuel every month utilising FASTag balances thanks to a partnership with HPCL.
- Around 19,000 HPCL locations accept IDFC FIRST Bank FASTags. The Bank is also the most widely used FASTag among commercial vehicles and is the tag of choice for long-haul trucks.
The National Highway Authority of India (NHAI), Indian Highways Management Company Ltd (IHMCL), and National Payments Corporation of India (NPCI) jointly developed the FASTag programme as a means of accepting toll fees at all National Highway plazas. In this ecosystem, which processes close to seven million transactions per day, banks serve as issuers and acquirers. All toll booths on interstates and some state highways accept FASTags. Around 900 toll booths were still open as of the most recent count.