How Can FASTag Ecosystem Expand with Fintech Collaboration?

New Delhi, June 26 (NationPress) The FASTag ecosystem holds significant promise, not only for tolling but also as a platform for creating seamless digital travel experiences throughout the nation, stated Nitin Gadkari, the Union Minister for Road Transport and Highways.

The minister emphasized that by partnering with fintech companies and various stakeholders, "we intend to broaden the application of FASTag into a powerful platform that will enhance user convenience, optimize transport and mobility services, and improve overall efficiency in the sector."

With a remarkable 98.5 percent of toll payments processed, the National Electronic Toll Collection (NETC) FASTag initiative operates across 1,728 toll plazas (1,113 National Highways and 615 State Highways). Over 38 banks have issued 11.04 crore FASTags, facilitating digital payments.

Recently, the government introduced a FASTag-based annual pass priced at Rs 3,000 for cars, effective from August 15 this year, marking a transformative step towards hassle-free highway travel.

To uncover innovative uses of the FASTag system, a workshop with fintech firms was convened in the national capital by Indian Highways and Management Company Limited (IHMCL), which is supported by the National Highways Authority of India (NHAI).

The aim of the workshop was to gather perspectives from leading fintech entities on various elements such as regulatory compliance, grievance resolution, security, and non-toll applications of FASTag, to foster its next growth phase.

“The presentations and discussions at this workshop will lay the groundwork for a dynamically empowered National Highway network that will benefit every commuter in the country,” Gadkari remarked.

V. Umashankar, Secretary of the Ministry of Road Transport and Highways, noted that “Fintech has emerged as a beacon of innovation in India, and FASTag has revolutionized Electronic Toll Collection in the nation.

“The essence of this workshop is to examine toll collection systems and how to achieve cashless, convenient, time-efficient, fraud-free, and error-free tolling collaboratively. We envision fintech as a source of innovation, while the government will act as a facilitator to develop a superior experience for road users,” he asserted.

According to Santosh Kumer Yadav, Chairman of NHAI, the workshop will open avenues for future innovations that will broaden the scope and utility of the FASTag system beyond toll collections.

“This presents a remarkable opportunity to create future solutions tailored to the diverse needs of National Highway users,” he observed.