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ICICI Bank introduces auto recharge on FASTag through UPI mandate
· First bank in the industry to offer this facility
· It allows users to set up the standing instructions for auto recharge on UPI
· It eliminates the inconvenience caused due to insufficient funds in FASTag
Mumbai: ICICI Bank today announced that it has enabled FASTag auto recharge through Unified Payments Interface (UPI) mandate. The facility offers yet another option to users to recharge their FASTag automatically as per pre-defined frequency in a completely digital manner. It helps users to pass through the FASTag lane at toll plazas seamlessly and eliminates the inconvenience of not having sufficient funds in their accounts.
Users can set up the standing instructions through UPI mandate by a one-time quick and easy process. They can use the facility to recharge FASTag affixed on the vehicle or the FASTag wallet with their chosen frequency options- daily, weekly, monthly, and quarterly. They can activate and deactivate the auto recharge facility as per their convenience.
Speaking on the initiative, Mr. Sudipta Roy, Head – Credit Cards, Payment Solutions & Merchant Ecosystem, ICICI Bank said “We are delighted to introduce auto recharge facility through UPI mandate for FASTag. ICICI Bank is the first bank to offer this facility. With the government’s initiative to install FASTag in vehicles for toll fees and increased adoption of UPI payments, we believe the auto recharge facility using UPI mandate will offer more convenience to users.”
Users can set-up the UPI mandate and recharge the FASTag automatically with a few simple steps:
· Login to ICICI Bank FASTag customer portal
· Select ‘Payments’ > Standing Instructions for UPI’ from the top menu
· Enter details like ‘Payment Frequency’, ‘Virtual Payment Address (VPA)’, ‘Top -up Amount' and ‘Start Date’ to set ‘Standing Instructions through UPI’
· Go to UPI Mandate section in mobile banking app to accept the authorisation request
· Accept the pre-debit notification sent from the mobile banking app 24 hours prior to the amount deduction
· UPI Mandate will be triggered and the amount will be deducted from the customer’s account with any bank on the scheduled date
Customers of ICICI Bank can avail FASTag using the Bank's digital channels such as internet banking, iMobile Pay app, InstaBIZ app, Pockets app or by visiting the nearest branch. Customers of other banks can also purchase the FASTag from ICICI Bank by visiting the bank’s website (www.icicibank.com/fastag), ICICI Bank FASTag sales office at the toll plazas. Users can reload money on FASTag online using UPI and NEFT platforms.
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