State Bank of India (SBI) has reportedly introduced a new design for its FASTag, intended to reduce travel time for commuters. In a press release dated 30th August 2024, it was mentioned that the bank has launched an updated design for the SBI FASTag specifically in the Vehicle Class (VC-04) category. This advanced FASTag design is said to enhance vehicle identification and toll collection efficiency, ultimately aimed at reducing travel time for millions of commuters across India.

For those unfamiliar, the SBI FASTag is a device that uses Radio Frequency Identification (RFID) technology to facilitate toll payments directly from a prepaid or savings account linked to it. The tag is affixed to the vehicle?s windscreen, allowing drivers to pass through toll plazas without needing to stop for cash transactions. It was noted that the tag can be purchased from designated issuers, and if linked to a prepaid account, users must recharge or top up the tag as needed.

SBI has clarified that the new FASTag design is specifically intended for Vehicle Class 4, which includes cars, jeeps, and vans. The updated design is expected to improve vehicle identification and streamline the toll collection process, with the ultimate goal of reducing travel time for commuters.

Several benefits have been associated with the new FASTag design: improved vehicle identification, which facilitates easier and more accurate recognition by toll plaza operators; a reduction in chargebacks by preventing incorrect toll charges, thereby potentially increasing revenue for both the government and toll concessionaires; and faster toll payments, which could lead to shorter wait times for commuters.

In addition to the new FASTag design, SBI has also introduced several products, including the MTS RuPay NCMC prepaid card, which offers a seamless, offline payment solution for various transit projects such as metro rails, buses, ferries, tolls, and parking. Furthermore, the OneView mobile application has been launched, providing a comprehensive platform for managing SBI?s NCMC prepaid cards, making it easier for customers to top-up, track, and manage their cards.