Mumbai, 17th December 2020: India’s largest FASTag provider, WheelsEye Technology has launched a new feature that generates automated and quick refunds for wrong FASTag deductions. The feature will help millions of truck owners who are facing issues with toll transactions. The AI-enabled FASTag management system will auto-detect wrong toll transactions and generate refunds within a time period of 3 to 7 days, which earlier was around 30 days. Stakeholders have applauded the move including NPCI and IDFC among other partner banks.
IDFC Bank spokesperson said, “Double/wrong toll deductions turned out to be a bigger problem for truck owners than anticipated. Thrilled to see this kind of Innovation coming from a homegrownstartup.”
The daily toll collection via FASTag is nearly Rs 70 crores out of which around 60 crores by the commercial vehicle owners. As per a survey conducted on over 5 Lakh FASTag accounts, nearly 3% of the daily toll transactions are faulty. The automated refund feature aims at rectifying toll transactions amounting to up to Rs 2 crore per day.
As per a recent government announcement, FASTag will become mandatory from 1st January 2021. In the light of cash lanes being closed, the overall FASTag transactions are expected to shoot up by nearly 3 times which makes the automated refund feature even more crucial for the Indian market.
Sonesh Jain, EIR, WheelsEye, said, “Our core objective is to empower fleet owners and fix the problem associated with wrong toll deductions. The auto refund system facilitates a reverse-integration of the entire refund process to provide almost immediate refunds. Currently, we are able to generate refunds within 3-7 days while the focus is to make it instant by the end of June 2021.”
“We welcome partnerships and collaborations with key authorities to solve the wrong deduction problem for the entire ecosystem” he added.
Started in 2017, WheelsEyeis a Gurugram-based logistics startup that aims at providing technological aid to truck operators via a mobile application. WheelsEye currently serves more than 10 lakh truck owners across India and offers a wide range of solutions from GPS Devices, GPS Softwares, Fastag Management, Discounted Fuel, Return Load, and Short Term Loans. As of today, WheelsEye manages 10% of the entire FASTag volume making it one of the top 3 shareholders of the FASTag payments landscape.