FASTag on PhonePe crosses 1 million users, 7 million transactions

PhonePe has announced FASTag, the RFID-based system used to make payments at tolls, has crossed 1 million users with over 7 million transactions on its platform.

FASTag transactions, which were down during the lockdown due to travel restrictions, have since grown 280% relative to January 2020, the leading digital payment platform said.

PhonePe supports recharges for 19 major FASTag issuing banks.“PhonePe’s contactless and instant recharges of FASTag with zero fees, unmatched choice via PhonePe’s partnership with 19 FASTag issuing banks, with more being added as we speak and a huge reduction in waiting time at toll plazas are all clear contributors to the exponential growth this category is seeing,” Ankit Gaur, director of business development at PhonePe said.