Truck owners suffering losses of ₹2-3 crore each day via FASTag
Indian trucking sector is suffering from losses of ₹ii-3 Cr/day in faulty toll transactions, revealed data. Gurugram based logistics tech startup WheelsEye Technology revealed in research conducted on over 5 lakh FASTag users.
Bharat'south leading commercial vehicle FASTag provider, WheelsEye claimed that one out of every lx FASTag transactions is faulty, as a event of which truck owners lose hard-earned coin every twenty-four hours. This survey prompted the startup to develop an automobile-detection and refund feature for wrong or double price deductions from FASTag accounts.
In an industry-first motion, WheelsEye launched an machine-detection & refund system for faulty FASTag transactions on xvi December. The feature comprises an AI-based automated detection process and generates refunds to users who take been charged extra. The system works beyond all Fastag Enabled toll plazas of Republic of india. The new feature promises quicker refunds for faulty deductions by reverse integrating the refund process with the National Payments Corporation of India and IDFC Banking company.
Providing relief to affected customers, they have not just ensured an automatic detection and refund just besides shrunk the process to just iii-5 days from an earlier 21 days.
"East-toll collection systems are a symbol of developing economies. They enable a faster transit, bank check leakage, and create an efficient period of money. While countries like Norway, Italia, Japan, Us, Deutschland have their e-toll collection systems since as early every bit 1969, India has simply begun. It got a massive push due to the regime making it mandatory and Covid-19 forcing contactless toll transactions. While we have reached a massive scale on adoption, we are still way behind in providing a glitch-free and smooth experience," said Sonesh Jain, spokesperson at WheelsEye Applied science.
Last month, the Ministry of Route Transport and Highways ordered that FASTags will become mandatory from 1 January 2021. At that place will be no more than cash lanes at the cost plazas. It has too been fabricated mandatory to register a new vehicle, to renew or purchase insurance, and fifty-fifty pay traffic fines in Chennai.
Talking about the aforementioned, Jain added, "This is a pace forward in multiple directions at one time. Information technology will help our state to reduce its logistics expenses, will financially include the informal highway economy, will cheque abuse, and will ultimately transform into a digital currency for vehicle-related transactions."
Started in 2017, WheelsEye is a Gurugram-based logistics tech startup that aims to empower truck operators past providing them with an ecosystem of technology services. This helps truck owners save on expenses and streamline their trucking operations. WheelsEye currently serves more than x lakh truck owners beyond India and offers a broad range of solutions from GPS devices, GPS software, Fastag management, cashback on diesel purchase, full truckloads, and short term business loans. As of today, WheelsEye enables 10% of the unabridged FASTag book making it one of the peak 3 shareholders of the FASTag payments landscape.
Source: https://packagingsouthasia.com/technology/track-and-trace/fastag/
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