Equitas unveils self-service option for RFID products

Equitas is the first SFB and one of the seven banks in the country to issue FASTag and launch its own wallet PURZ, which is integrated to NPCI’s Unified Payments interface (UPI).  FASTag is aimed at offering users a hassle-free trip on national highways. It enables automatic deduction of toll charges and lets drivers pass through the toll plaza without stopping for the cash transaction. 

The ‘selfe’ FASTag enables fleet operators for online FASTag usage monitoring etc., As on date, more than 5000+ FASTags have been issued by the bank and it aims to issue five lakh tags by March 2018. The online registration and payment can be made by customers themselves. This makes the process  of getting the FastTAG sticker hassle free for the customer. 

Commenting on this strategy, PN Vasudevan, MD & CEO, Equitas Small Finance Bank, said, “Some of our unique offerings include integrating software of fleet operators for real-time FASTag usage monitoring, digital fee collection service for colleges etc. As much as 83% of our banking transactions are through our digital channels.” The bank’s efforts are coming at a time when the country is striving to redefine the landscape of  electronic payments and reduce the usage of cash in the economy, Vasudevan added. AP Hota, MD & CEO, National Payments Corporation of India (NPCI) said, “We believe such initiatives will encourage other small finance banks to join the digital bandwagon. The soon to be launched AEPS is expected to enable large number of low income clients to transact through their neighbourhood outlets using latest technology. Equitas hopes to clearly emerge as the digital leader in the banking space.”