Approximately 1.8 crore FASTags will need to be replaced swiftly to avoid delays and inconvenience at toll booths.
FinTech BizNews Service
Mumbai, April 23, 2024: Perfect ID, India's leading manufacturer of FASTags, is actively preparing to address the significant rise in FASTags demand triggered by the recent Reserve Bank of India (RBI) directive on a FinTech company. This surge stems from the requirement for customers to replace their existing FASTags with new ones issued by authorized banks.
Approximately 1.8 crore FASTags will need to be replaced swiftly to avoid delays and inconvenience at toll booths. This sudden increase in demand poses a challenge for FASTag manufacturers to fulfil these requirements quickly and efficiently.
Perfect ID, recognizing the critical need, has proactively invested in new equipment over the past few months, expanding its FASTags production capacity by 40%. This significant investment ensures they are well-equipped to handle the surge in demand from banks and FinTech companies.
Commenting on this Satendra Singh, CEO of Syrma SGS says, “As the leading manufacturer of Fastags, we leverage cutting-edge technology in our manufacturing processes to assist our clients and contribute to the Make in India initiative. We have made substantial investments in enhancing our production capacity to efficiently address the sudden and time sensitive increase in demand. Our Perfect ID team (A subsidiary of Syrma SGS Technology Limited) is fully prepared to support our customers meet this surge in demand.”
The company specializes in RFID design and with a 55,000 square feet facility in Gurgaon covering IC bonding, inlay manufacture, tag conversion, and personalization, Perfect ID stands as the largest supplier of FASTags to top banks for over 6 years.
