Equitas Small Finance Bank has introduced a self-service facility for customers to avail FastTAG (RFID sticker) for their vehicles. The customers can make online registration and payment for the facility. Equitas will be the first of the 7 small finance banks to issue FastTAGs and launch its own wallet PURZ, which is integrated with NPCI’s Unified Payments interface. Equitas FastTAG enables automatic deduction of toll charges and lets the driver pass through the toll plaza without stopping for cash transactions. The bank has already issued more than 5000 FastTAGs and intends to touch the figure of 5 lakh by March 2018. P.N. Vasudevan, MD & CEO, of the small finance bank, said 83% of the banking transactions are through the bank’s digital channels. At the function marking the launch of FastTAG and Purz, cricketer Ravichandran Ashwin was present. The small finance bank 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, etc. Its Purz is the mobile wallet offering and it is available to non-Equitas Bank customers as well.
