In first of its kind move aimed at disrupting the digital payments landscape across India by a Small Finance Bank, Equitas Bank, a private sector bank from Tamil Nadu, has introduced Self Service facility for customers to avail FastTAG (RFID Sticker) for their vehicles, online registration and payment can be made by clients. This makes the process of getting the FastTAG sticker hassle free for the customer.
Equitas is the first SFB and one of the seven banks in the country to issue FASTags and launch its own wallet PURZ, which is integrated to NPCI’s Unified Payments interface (UPI).
Equitas FASTag is a perfect solution for a hassle-free trip on national highways. It enables automatic deduction of toll charges and lets the driver pass through the toll plaza without stopping for the cash transaction. The ‘selfe’ FASTag enables fleet operators for online FASTag usage monitoring etc., As on date, 5000+ FASTags have been issued by the bank and it aims to issue five lakh ETC tags by March 2018.
While the bank is also offering m-VISA and Digital POS services, it is in the process of enabling Aadhaar Enabled Payment System (payment service empowering a bank customer to use Aadhaar as his/her identity to access his/her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent) and Bharat Bill Payment System (For integrated and interoperable bill payment services to customers across geographies).
Commenting on this strategy, P N Vasudevan, MD & CEO, Equitas Small Finance Bank, said, “Some of our unique offerings are dynamic hot listing and setting limits on cards through our mobile app, integrating software of fleet operators for real-time FASTag usage monitoring, digital fee collection service for colleges etc. 83% of our banking transactions are through our digital channels. At a time when our country is striving to revolutionise the landscape of electronic payments and reduce the usage of cash in the economy, it is indeed a moment of honor and pride to introduce host of digital services to our customers in safe and secured way.”
Mr. A. P. Hota, MD & CEO, National Payments Corporation of India (NPCI) said, “We appreciate Equitas Bank for making use of all available payment services offered by NPCI for their customers. We believe that such initiatives will encourage other small finance banks to join the digital bandwagon.”
Ravichandran Ashwin, Indian Cricket Player said, “It is my pleasure to be associated with a new age high tech bank which is working in sync with Prime Minister of India’s mission of banking the masses. My best wishes for their vision of empowering Indian households through financial inclusion.”
Equitas offers variety of digital services such as net and mobile banking, mobile top-ups, corporate net banking, POS at merchants, QR based acquiring, payment solutions for educational institutions, issuing FASTag etc. The soon to be launched AEPS through BC channel is expected to enable large number of low income clients to transact through their neighborhood outlets using latest technology. Equitas hopes to clearly emerge as the digital leader in the banking space and use this to promote financial inclusion of the underserved segment in the country over time.
Targeted at youth, PURZ is the mobile wallet offering from Equitas. Anyone, including non-Equitas Bank customers can download it from Google Play Store (https://play.google.com/store/apps/details?id=com.equitas.purz&hl=en) and start transacting immediately. Through PURZ, they can also make merchant payments by scanning Bharat QR and transact for various utilities.