FASTag issuances touch 79 lakh in November, up 24% month on month

Surabhi | | Updated on: Dec 02, 2019
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Ahead of the December 15 deadline, issuance of FASTags touched over 79 lakh by November this year.

Data released by the National Payments Corporation of India (NPCI) revealed that FASTag issuances shot up by 24 per cent to 79.01 lakh in November from 63.71 lakh in October.

As many as 24 banks are live on the National Electronic Toll Collection Platform by last month with transactions amounting to ₹773.95 crore as compared to ₹702.86 crore in the previous month.

Total number of transactions using FASTags surged to 3.49 crore last month from 3.14 crore in October.

The Centre has postponed the deadline for mandatory use of FASTags for payments at National Highway toll plazas to December 15 from the earlier deadline of December 1. Drivers without these FASTags will have to shell double the toll amount.

Banks have reported a large number of issuances of FASTags as customers try to meet the deadline and are gearing up for more demand in the coming days.

UPI transactions

Meanwhile, NPCI data revealed that the number of transactions through the flagship Unified Payments Interface remained buoyant in November and surged to 121.87 crore from 114.83 crore in the previous month.

The value of transactions through UPI however, dipped marginally to ₹1.89 lakh crore in November from ₹1.91 lakh crore in October.

IMPS transactions

Meanwhile the number of transactions through the Immediate Payment Service or IMPS fell marginally in November to 22.8 crore from 23.6 crore in October. The value of transactions also declined slightly to Rs 2.02 lakh crore last month from Rs 2.12 lakh crore in October.

Published on December 02, 2019

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