IDFC FIRST Bank and Hindustan Petroleum Corporation Ltd. (HPCL) has signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the Bank’s FASTags. Further, IDFC FIRST Bank’s FASTags can now also be bought, recharged and replaced by passenger vehicle users at select HPCL retail outlets, according to the announcement.
It added, “This partnership makes the purchase and use of tags convenient for five million motorists using IDFC FIRST Bank FASTags at HPCL retail outlets. The agreement was signed in Mumbai at an event attended by the senior management of HPCL and IDFC FIRST Bank. So far, FASTags have only been used to pay for toll charges. Last year, IDFC FIRST Bank was the first to introduce fuel payments using FASTag balances for commercial vehicles users at HPCL retail outlets, through DriveTrack Plus POS terminals. Positive feedback from these users encouraged the Bank to extend the facility to personal vehicle users as well. Personal vehicle users can now start using IDFC FIRST Bank’s FASTags to pay for fuel purchases at HPCL retail outlets and avail an attractive reward points. Payments using the FASTag balance can now be made by linking the FASTag to the “HP Pay” mobile application.”
Speaking on the partnership, B Madhivanan, Chief Operating Officer, IDFC FIRST Bank, said, “As a digital-first bank, our effort is to make all transit-related payments simpler. IDFC FIRST Bank has issued close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day. The partnership with HPCL gives our customers the ability to pay for fuel by using FASTag. Motorists now have the convenience of a single form factor and single balance for payments related to road travel in the form of FASTag.”
“The association with HPCL, the first in the industry, started last year by enabling commercial vehicle users to pay for fuel on DriveTrack Plus terminals placed at HPCL retail outlets. Given its success, both IDFC FIRST Bank and HPCL are scaling up the initiative by extending it to retail customers for their personal vehicles, through HP Pay app. We thank the HPCL teams for expanding and innovating the usage of FASTag,” Madhivanan added.
Sai Kumar Suri, ED-Retail of HPCL said, “We were the first to introduce FASTag based fuelling at HPCL retail outlets in the last financial year, by way of acceptance of IDFC FIRST Bank FASTags through our fleet loyalty program “DriveTrack Plus”. We are now introducing payment through IDFC BANK FASTag on “HP Pay” mobile app. We are also starting FASTag marketing arrangement with IDFC FIRST Bank at select retail outlets, which is also first of its kind.”
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