Equitas Small Finance Bank launches Selfe Fastags for toll payments

MUMBAI: Equitas Small Finance Bank has launched a new product to enable account holders to acquire a RFID (Radio Frequency Identification) tag online.

“We have named the product Selfe Fastag, which will allow any bank customers to procure Fastags from our bank from the comfort of one’s home,” said PN Vasudevan, Managing Director, Equitas Small Finance Bank.

Any person, who intends to acquire a RFID tag for his vehicle, can just log onto the bank’s website and request for a tag by filling in some personal details and upload a copy of the vehicle’s registration documents. After verification by the bank, the tag will be delivered at the customer’s residence.

In collaboration with National Payments Corporation of India (NPCI), the newly-formed bank has also gone live with all the digital payments instruments offered by the banking system, starting from Unified Payments Interface, Bharat Bill Payments to Aadhaar-enabled Payments.

“We have already issued around 5,000 tags for vehicle owners and the target is to increase the count to 1 lakh by the end of the financial year,” Vasudevan said.