Industry News

Indians can recharge their e-tolling FASTag via digital wallets soon

India: An e-tolling service is launched on Monday at 275 toll plazas across India by National Highways Authority of India (NHAI). NHAI issued the FASTag cards to the vehicle owner which allows the vehicle to pass without stopping. FASTag enables the cashless payment of toll charge at the toll; these tags deploy RFID technology.

To recharge these FASTag cards, the user needs to go to the designated two commercial bank. However, the authority is looking forward to adding one more option -Digital Wallet.

Towards this, National Payment Corporation of India (NPCI) is developing a national clearinghouse. The aim of the clearinghouse to efficiently handle the inter-portability between banks, toll plaza operators and other parties.

TechSci Research depicts, with the growing adoption of smartphones and digital wallet in the country, easy bill payment and recharges of mobile to smart cards are becoming a need of the users. The initiative by NHAI to recharge toll plaza FASTag from the digital wallet is a win-win situation for users, government, and the digital wallet companies.

In the global intelligent transport management market, Asia Pacific is the key region where countries such as India and China are growing at exponential rate in the coming years. According to the recently published report by TechSci Research, “Global Intelligent Transportation Systems Market By System (ATMS, ATPS, ATIS, etc.), By Application (Traffic Management, Electronic Toll Management, Parking Management, etc.) and Competition Forecast and Opportunities, 2010-2020”, the global ITS market is poised to grow at CAGR of over 10% during 2015 - 2020. Americas accounted for the largest share in the global ITS market, followed by Europe, Asia-Pacific and Middle East & Africa. However, Asia-Pacific offers huge future growth opportunities for ITS deployments, and consequently, is expected to outperform the broader market. Rising concerns associated with vehicular emissions are also influencing ITS strategic plan of various major economies, and this is expected to have a positive impact on global ITS market during the forecast period.

Relevant News