Soon, use FASTag for parking at malls, airports, Technology News, ETtech

But the first shot has been fired – all payments at the national highways have to be done through the so-called Fastag, a mechanism where payments are done electronically.

National Payments Corporation of India is in talks with top Indian banks to deploy FASTag-based contactless parking solution at malls and airports across Mumbai, Delhi, Chennai and Bangalore in the coming months.

The interoperable parking solution powered by National Electronic Toll Collection (NETC) is currently being implemented by 10 FASTag issuing banks at the GMR Hyderabad International Airport, NPCI said in a statement on Tuesday.

Private sector lender ICICI Bank will be among the first banks to roll out the facility across these cities, NPCI said. The first set of deployments could happen in Delhi and Mumbai, it said.

NPCI has also initiated discussions with major malls, airports and other private parking lots in Chennai and Bangalore for the NETC FASTag powered contactless car parking solutions. The company has been receiving interests from major banks in spearheading the parking projects, it said.

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Currently, FASTag is used at highway toll plazas for contactless processing of tickets. The transaction happens through an RFID sticker linked to the bank account of the commuter.

“This is a safe, contactless and hassle-free system,” said Sudipta Roy, head unsecured assets, ICICI Bank. “It works on RFID technology that also powers digital toll collection at more than 695 toll plazas across the country.”

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