NEW DELHI : In the wake of the coronavirus pandemic, state-run Indian Oil Corporation Ltd and ICICI Bank are offering cashless, contactless refueling through FASTag at outlets of the country’s largest oil marketing company .

“ICICI Bank FASTag users can now enjoy a fully digital experience at IndianOil gas stations, which will reduce customer wait times,” the companies said in a joint statement Sunday.

With around 34.8 million users, FASTag’s penetration across the country is around 96%. It also comes in the context of FASTag helping to improve toll collection on national highways.

“To benefit from this feature, customers need to notify the customer service representative when refueling, who will then scan the vehicle’s FASTag / car license plate. The client will then receive an OTP to validate the transaction. The transaction will be completed when the OTP is entered into the POS machine, “the statement added.

“This system is integrated with IndianOil’s automation system which eliminates any manual intervention during the refueling process. This integration allows the payment of gasoline, diesel and SERVO lubricants via ICICI Bank FASTag. As part of the first phase of this initiative, 3,000 IndianOil outlets will be covered across India, ”the statement said.

This comes at a time when the country’s gasoline and diesel consumption is expected to increase by 14% and 10% respectively in FY22, according to rating agency ICRA. India, the world’s third-largest oil importer, experiences an upward trajectory in transport fuel prices, with diesel and gasoline selling above 100 mark in several regions of the country.

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