With a view of helping millions of truck owners who are facing issues with toll transactions, home-grown company WheelsEye Technology has launched a new feature that generates automated and quick refunds for wrong FASTag deductions. 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 was earlier around 30 days. Stakeholders including NPCI and IDFC among other partner banks have applauded the move.
A spokesperson from IDFC Bank, said: “Double/wrong toll deductions has turned out to be a bigger problem for truck owners than anticipated. Thrilled to see this kind of Innovation coming from a home-grown startup.”
The daily toll collection via FASTag is nearly Rs. 70 crores out of which around Rs. 60 crores comes from commercial vehicles. 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, WheelsEye is 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.