In the wake of coronavirus pandemic, state-run Indian Oil Corporation Ltd and ICICI Bank are offering cashless and contactless refueling through FASTag at the country’s largest oil marketing company’s outlets.
“ICICI Bank FASTag users can now enjoy a fully digitized experience at IndianOil’s fuel stations which will reduce wait time for customers,” the firms said in a joint statement on Sunday.
With around 34.8 million users, FASTag penetration across the country is at around 96%. This also comes in the backdrop of FASTag helping in improved toll collections on national highways.
“To avail this facility, customers must inform the customer attendant while fuelling, who will then scan the vehicle’s FASTag/car numberplate. The customer will then receive an OTP to validate the transaction. The transaction will be completed when the OTP is entered in the POS machine,” the statement added.
“This system is integrated with IndianOil’s automation system which removes any manual intervention during the fuelling process. This integration allows for payment of petrol, diesel, and SERVO Lubricants through ICICI Bank FASTag. Under the first phase of this initiative, 3,000 IndianOil retail outlets will be covered across India,” the statement said.
This comes at a time when the country’ petrol and diesel consumption is expected to grow by 14% and 10% respectively in FY22, according to rating agency ICRA.