Different ways FASTag is beneficial for you

Owing to the ongoing disruption between Russia and Ukraine, international oil prices have reached $118 per barrel, the highest since 2003. As a consumer, you bear the ultimate burden of skyrocketing oil prices. Undeniably, oil is a major expense for you as a vehicle owner, whether commercial or passenger. On the commercial front, an active truck spends nearly Rs 80,000 per month on fuel expenses. These figures might exponentially increase in the coming years. 

With such high fuel expenses, it is wise for you to save on your transportation expenses. You can work towards using a payment mode that saves you time and money through cashback. One such medium is FASTag, a contactless and secure toll fee payment mode. FASTag helps you earn cashback, save time, avoid traffic jams, track your toll expenses, eliminate cash payments, and more.

Here are different ways FASTag is beneficial for you:

Contactless and secure:

Affixed on the inside of the car windscreen, FASTag uses the Radio-Frequency Identification (RFID) technology, which is either read or the vehicle number is entered in the point of sales device at the fuel station. You do not have to use cash or take your card out to pay for fuel expenses. Each time it is read, you receive an OTP on your registered mobile number for validation, making it a secure payment medium with authentication

Saves time and fuel:

If you use FASTag, you spend less time waiting at toll booths. Since you do not have to stop and move bumper to bumper until you’re on the other side of the booth, you save on fuel too. This also means not having to deal with the congestion at toll booths. 

Financial benefits:

By making fuel payments using FASTag, the OMCs (Oil Marketing Companies) digital incentive program rewards you with an instant 0.75% discount on your fuel purchase value. For instance, if your monthly fuel consumption is Rs. 20,000, you can save up to Rs. 150 per month by making payments through this mode. 

Simple application and processing:

Registering for a FASTag is easy and simple. You can apply for a FASTag from a bank like IDFC FIRST or through other mediums like digital payment platforms, toll booths, select shops, etc. A FASTag usually has a validity of five years, removing the hassle of re-registration annually, and you can recharge it in a matter of minutes. 

Get your FASTag from IDFC FIRST Bank

IDFC FIRST Bank brings to you a contactless and pocket-friendly fuel payment mode – IDFC FIRSTForward FASTag. Using the IDFC FIRSTForward FASTag to pay for your fuel offers multiple benefits:

• Easy application and registration process
• A simple and quick recharge process
• Instant discount of 0.75% on your fuel purchase value
• 0.25% cashback 
• Pay automatically for tolls, parking, and more
• Link the FASTag to your IDFC FIRST Bank account to get 5% interest per annum. 
• Monthly passes with auto-renewal

The IDFC FIRSTForward FASTag sends an SMS notification to the registered mobile number every time it is used. You can also make a balance inquiry by giving a missed call on 99902 43331. The bank also sends a monthly statement on your mobile number and email ID. This helps track your fuel, toll, and parking expenses, giving you a detailed view of your travel expenses so you can spend wisely.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.