As per the latest government reports, financial companies sold around 1.15 crore FASTags by the end of December 2019. The number of FASTag transactions in December rose to 6.4 crore worth Rs.1250+ crore up from 3.1 crore (worth Rs.774 crore) in November, as reported by The Economic Times.
The surge in usage of FASTags is because of the convenience and time-saving feature it offers to commuters via automated toll collection mechanism. Vehicle owners must know what is FASTag to avail its benefits.
What is FASTag?
FASTag is now (with effect from December 15, 2019) mandatory for commuters travelling on all national highways. It is an automated mechanism of paying toll at a highway without having to slow down at a toll plaza. Commuters can now save time as they pay toll amount through this automated technique.
How does it work?
This automated concept of paying toll fee uses the radio frequency identification (RFID) technology. A FASTag car sticker is affixed in the front windshield screen of the vehicle which is scanned when the vehicle moves past the toll. The tag is linked to a prepaid wallet or savings account of the user from where the toll amount is deducted whenever they cross through a toll plaza.
Since these toll plazas are present in highways where an uninterrupted commute is needed, individuals going on road trips can find it exceptionally convenient as they don’t have to keep cash handy to make a payment or wait in a long queue.
Apart from convenience and saving time, commuters who have availed Pocket Insurance & Subscriptions like Road Trip Protection plan by Bajaj Finserv can have financial security even if they meet any unfortunate incident during their trip.
Subsequently, individuals have two options to make payments of FASTag for car,
- Recharging linked payment wallet.
- Linking the savings account with FASTag.
Benefits of FASTag
- Ease in payment as commuters don’t have to carry cash or wait for change at the toll plaza.
- Customers of FASTag in India can avail a 10% cashback for the first year of paying tolls across anywhere in India, making it a financially feasible option for customers.
- Individuals can recharge their wallet using several methods like credit cards, debit cards, net banking, etc. making it very convenient for customers.
- Individuals can track and limit their expenses made on toll plaza as they are notified each time a transaction takes place.
How to apply for FASTag?
Individuals who need to avail a FASTag sticker to pay toll charges conveniently have more than one option to apply for it.
Here are some of the places from where they can avail the same –
- Certified financial institutions that are authorised to provide.
- Users can get FASTag from any national highway toll plaza.
- Authorised ecommerce platforms which can issue FASTag.
After the application and issue of FASTag, users need to activate it either by contacting the financial company or via the FASTag app. They need to provide the vehicle details and link their bank account to have it activated. Users may as well opt for NHAI prepaid wallet facility if they desire so for payment.
With convenient FASTag payment, vehicle owners will be able to save time and money while commuting on national highways.
Additionally, along with FASTag, it is also recommended to have a weekend getaway road trip cover to ensure you don’t come across financial losses that arise from several incidents. You can receive emergency monetary assistance and other benefits from this policy