GS 3: Economy | Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
Why in News?
To ensure easier availability of FASTags, Indian Highways Management Company Ltd. (IHMCL), a company promoted by NHAI, is signing MoUs with state-run Oil Marketing Companies (IOCL, BPC, and HPC) for issuance of FASTags through petroleum retail outlets.
MyFASTag and IHMCLPOS:
To further supplement the use of FASTags , IHMCL is also planning the launch of two mobile applications – MyFASTag and IHMCLPOS. These apps will enable customers to link the FASTags with their preferred bank account, recharge the FASTag via UPI platform, and also ensure that the tags are bank neutral.
- These measures will eventually help NHAI cater to its commitment of providing a safe, smooth and seamless journey to commuters on National Highways.
- The enhanced adoption of FASTag program will increase user convenience by offering seamless toll-fee payments at Plazas and thus help save time, money and fuel.
- The online payments will improve transparency of toll transactions, reduce revenue leakages, and improve overall efficiency and commercial competitiveness.
- IHMCL is also striving for the vision of One Nation – One Tag by aligning with various State Authorities/SPV to ensure that FASTag becomes the preferred digital payment instrument at State/Municipal Plazas.
FASTag is device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from prepaid or savings account linked to it. It is affixed on the windscreen of vehicle and enables the commuter to drive through toll plazas, without stopping for cash transactions.