The State Bank of India (SBI) has recently launched an upgraded design for its FASTag, aiming to make road travel more efficient for millions of commuters across the country. Announced on August 30, 2024, this new FASTag design, specifically for Vehicle Class-4 (covering cars, jeeps, and vans), is expected to improve the identification of vehicles and streamline toll collection, ultimately reducing travel time.
Enhancing Vehicle Identification and Toll Collection
According to SBI, the newly designed FASTag will help toll plaza operators easily identify the correct vehicle class, ensuring that the right toll is collected. In the past, FASTags for smaller vehicles were mistakenly issued to larger vehicles like trucks, leading to a loss of revenue for toll operators. The updated design is meant to prevent such errors, thereby increasing income for toll plazas and reducing discrepancies in toll collection.
SBI explained that the new FASTag is already available and will help toll staff quickly take action against vehicles with incorrect tags. The improved design is also expected to encourage customers to purchase the correct FASTag for their vehicle class, avoiding unnecessary delays and fines.
Launch of India’s First MTS RuPay NCMC Prepaid Card
In addition to the new FASTag design, SBI has introduced the MTS RuPay NCMC prepaid card, the first of its kind in India. This card is designed to offer a seamless offline payment solution for various NCMC-enabled transit systems, including metro rail, buses, ferries, tolls, and parking facilities. The card aims to simplify the payment process for commuters, making it easier and quicker to access public transportation.
Introducing the OneView Mobile Application
SBI has also launched the OneView mobile application, a comprehensive tool for managing NCMC prepaid cards. With this app, customers can easily top-up, track, and manage their cards from a single platform, eliminating the need to visit physical counters at metro stations or bus stops. The app is part of SBI’s broader strategy to enhance the convenience and accessibility of digital payments for its customers.
Leadership in Digital Payment Solutions
SBI’s Chairman, Challa Sreenivasulu Setty, expressed pride in the bank’s continued leadership in digital payment solutions. He emphasized that the new MTS Card, the OneView Mobile Application, and the redesigned FASTag are all part of SBI’s commitment to improving the public transportation experience. These innovations, he said, are designed to enhance convenience, security, and efficiency for customers across India.
Empowering Citizens Through Digital Innovation
Mahesh Kumar Sharma, DMD – Transaction Banking and New Initiatives at SBI, highlighted the bank’s dedication to constant innovation in the digital payment space. He pointed out that the Nation First MTS Card, which can be issued without KYC verification, along with the OneView app, makes it easier for users to manage their cards and top them up without hassle. Sharma emphasized that SBI is committed to empowering citizens through its digital services, contributing to the broader goal of digital financial inclusion in India.
With these new offerings, SBI continues to strengthen its role as a leader in digital payment solutions, making travel and transactions easier and more efficient for people across the country.
