A simple idea of digitalising micropayments at toll plazas led to conceptualisation of the National Electronic Toll Collection (NETC) program a few years ago. FASTags, an RFID tag which permits the customer to drive seamlessly through toll plazas without stopping at the counter, are being issued by about 22 banks. Collectively, these banks have issued over 5 million tags which are accepted at over 500 toll plazas across the country.
Why India needs e-payment solution for transit?
India is primarily a cash-led economy and in a bid to make it cash-lite, financial institutions are focusing on digitalising segments where consumers make payments including transit. National Highways Authority of India (NHAI), which develops, maintains and manages the national highways, generates around Rs 2,400 crore in revenue annually but only 25% of that amount is processed digitally via NETC. Read More
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