ICICI Bank partners with digital payment platform PhonePe for issuance of FASTag, which facilitates electronic payment of fee at toll plazas. Under this partnership, the issuance of FASTag would take place using UPI on the PhonePe app.

In a release, ICICI Bank states that this integration enables more than 28 crore registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app.

Sudipta Roy, Head (Unsecured Assets), ICICI Bank says, "This collaboration enables millions of PhonePe customers to easily apply for a new FASTag and get it delivered free of cost at their doorstep." He adds, "This association comes in handy even for users who are not customers of ICICI Bank, as it allows them to order and later recharge with the convenience of UPI."

However, those PhonePe users who are also ICICI Bank customers need not visit physical stores or toll collection locations to buy a FASTag.

FASTag is a brand name that is owned by Indian Highways Management Company Ltd (IHMCL), which carries out electronic tolling and other ancillary projects of the National Highway Authorities of India (NHAI).

Deep Agrawal, Payments Head, PhonePe says, "FASTag has been instrumental in digitising the transit payments sector. We have already seen a phenomenal response from our users recharging FASTag on our platform, with millions of customers recharging daily on the app.” He adds, “FASTag recharge has witnessed a 145 percent growth over the past three months, indicating increased intercity travel as markets opened up post the lockdown.”

The National Payments Corporation of India (NPCI), IHMCL and NHAI are jointly working to transform the state and national highway toll payments completely digital.

NPCI Head (National Electronic Toll Collection and Aadhaar-enabled Payment System) Denny Thomas says, "The partnership of PhonePe and ICICI Bank will definitely increase the adoption of NETC FASTag."