With Swiggy’s partnership with Park+, you can now get an IndusInd Bank FASTag delivered to your doorstep in under 10 minutes through Swiggy Instamart.
In how many days the FASTag will be delivered?
Previously, getting a FASTag approved and delivered took anywhere from 3to 7 days. However, with this partnership, Swiggy can deliver it within 10 minutes.
When you previously got a FASTag, you had to apply online or visit a toll booth and then wait for delivery and activation. Now, you can order it like any other grocery item on Swiggy Instamart.
The FASTag currently costs ₹499 on Swiggy Instamart, and there is usually no delivery charge for orders under this price range. However, you might be charged a small handling fee, which is almost nominal.
Overall, the move has the crucial benefit of reducing the delivery time and improving the convenience for vehicle owners.
Do you need to have an IndusInd Bank account to get the FASTag?
No, you don't necessarily need a bank account with IndusInd Bank to get a FASTag through Swiggy Instamart. Swiggy has collaborated with Park+, which has a relationship with IndusInd Bank, to provide FASTags to its customers.
Previously, Park+ has been known for working on smart parking and vehicular management systems. Using these vehicles, owners can digitally pay at a toll or a parking spot at a mall, corporate park, or movie hall using FASTag. No cash transaction is involved.
This move can be seen as a step towards developing a whole cashless ecosystem for Indian roads and toll plazas with the implementation of NHAI’s “One Vehicle, One FASTag rule.”
What is the “One Vehicle, One FASTag rule”?
FASTag has seen a steady rise in adoption in India, and more than 79.8 million FASTags have already been issued as of November 2023. A steep growth like this made it imminent for the government to take adequate regulatory steps.
The One Vehicle One FASTag rule is an initiative by the National Highways Authority of India (NHAI) that restricts a vehicle owner from having more than one active FASTag for a single vehicle. This rule was implemented to deter using the same FASTag for multiple vehicles or linking multiple FASTags with one vehicle.
With this rule, vehicle owners have to keep in mind the following things that have been implemented from April 1st, 2024:
You can only have one active FASTag per vehicle.
All FASTags linked to a single vehicle except the latest one will be deactivated.
You can recharge your FASTag using any bank and various payment methods.
You can check the status of multiple FASTags linked to your vehicle by visiting the official link: www.npci.org.in/netcfastag-status
How can you get a Fastag?
As of now, only Swiggy Instamart offers FASTag immediately online. However, you can get one at any toll booth with a simple KYC and registration process.
You will need the following documents to get instant FASTag:
A valid Registration Certificate for your vehicle
A passport-size photograph of the owner of the car
Documents for KYC - PAN card, Aadhaar card, Passport, and Driving Licence
What does this move mean for Swiggy’s future?
Swiggy entered into a list of strategic partnerships that are boosting its growth. Recently, Swiggy partnered with IRCTC to deliver food at certain railway stations in India. Not just that, it has strategic partnerships with various finance companies like Simpl, Paytm, Lazypay, etc. to provide bank and payment offers to its customers.
These strategic alliances work well for Swiggy and have helped it increase revenue. As a result, we saw a 45% jump in revenue in Q3 2023.
These results improved Swiggy’s perception from investors, its image for IPO, and Swiggy's share price in unlisted markets. With these recent developments, Swiggy's dominance in the Indian food delivery market is undeniable, showing no signs of slowing down.
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