Truck owners suffering losses of ₹2-3 crore each day via FASTag

WheelsEye launches auto-detection & refund system for faulty FASTag transactions

Truck owners suffering losses of ₹2-3 crore each day via FASTag (Photo: Wheelseye Technology)

Indian trucking sector is suffering from losses of ₹2-3 Cr/day in faulty toll transactions, revealed data. Gurugram based logistics tech startup WheelsEye Technology revealed in research conducted on over 5 lakh FASTag users.

India’s leading commercial vehicle FASTag provider, WheelsEye claimed that one out of every 60 FASTag transactions is faulty, as a result of which truck owners lose hard-earned money every day. This survey prompted the startup to develop an auto-detection and refund feature for wrong or double toll deductions from FASTag accounts.

In an industry-first move, WheelsEye launched an auto-detection & refund system for faulty FASTag transactions on 16 December. The feature comprises an AI-based automated detection process and generates refunds to users who have been charged extra. The system works across all Fastag Enabled toll plazas of India. The new feature promises quicker refunds for faulty deductions by reverse integrating the refund process with the National Payments Corporation of India and IDFC Bank.

Providing relief to affected customers, they have not only ensured an automatic detection and refund but also shrunk the process to just 3-5 days from an earlier 21 days.

E-toll collection systems are a symbol of developing economies. They enable a faster transit, check leakage, and create an efficient flow of money. While countries like Norway, Italy, Japan, USA, Germany have their e-toll collection systems since as early as 1969, India has just begun. It got a massive push due to the government making it mandatory and Covid-19 forcing contactless toll transactions. While we have reached a massive scale on adoption, we are still way behind in providing a glitch-free and smooth experience,” said Sonesh Jain, spokesperson at WheelsEye Technology.

Last month, the Ministry of Road Transport and Highways ordered that FASTags will become mandatory from 1 January 2021. There will be no more cash lanes at the toll plazas. It has also been made mandatory to register a new vehicle, to renew or purchase insurance, and even pay traffic fines in Chennai.

Talking about the same, Jain added, “This is a step forward in multiple directions at once. It will help our country to reduce its logistics expenses, will financially include the informal highway economy, will check corruption, and will ultimately transform into a digital currency for vehicle-related transactions.”

Started in 2017, WheelsEye is a Gurugram-based logistics tech startup that aims to empower truck operators by providing them with an ecosystem of technology services. This helps truck owners save on expenses and streamline their trucking operations. However, if you are interested to be a truck driver of a logistic company, there are truck driver jobs or intermodal trucking jobs to where you can apply.

WheelsEye currently serves more than 10 lakh truck owners across India and offers a wide range of solutions from GPS devices, GPS software, Fastag management, cashback on diesel purchase, full truckloads, and short term business loans. As of today, WheelsEye enables 10% of the entire FASTag volume making it one of the top 3 shareholders of the FASTag payments landscape.

Packaging South Asia — resilient, growing and impactful — daily, monthly — always responsive

The multi-channel B2B in print and digital 17-year-old platform matches the industry’s growth trajectory. The Indian, South Asian, Southeast Asian, and Middle East packaging industries are looking beyond the resilience of the past three years. They are resuming capacity expansion and diversification, with high technology and automation in new plants and projects.

As we present our 2024 publishing plan, India’s real GDP growth for the financial year ending 31 March 2024 will exceed 6%. The packaging industry growth will match the GDP growth in volume terms and surpass it by at least 3% in terms of nominal growth allowing for price inflation in energy, raw materials, consumables, and capital equipment.

The capacity for flexible film manufacturing in India increased by 45% over the past four years. With orders in place, we expect another 20% capacity addition in 2024 and 2025. Capacities in monocartons, corrugation, aseptic liquid packaging, and labels are grown similarly. As the consumption story returns over the next six months, we expect demand to return and exceed the growth trajectory of previous years. The numbers are positive for most of the economies in the region – and as shown by our analytics, our platform increasingly reaches and influences these.

For responsible and sustainable packaging, with its attendant regulations and compliances, there is significant headroom to grow in India and the region. Our coverage includes the entire packaging supply chain – from concept to shelf and to waste collection, sorting, and recycling.

We target brand owners, product managers, raw material suppliers, packaging designers and converters, and recyclers. This is a large and complex canvas – the only thing that can work is your agile thinking and innovation together with our continuous learning and persistence.

The coming year looks to be an up year in this region, and this is the right time to plan your participation and marketing communication – in our rich and highly targeted business platform with human resources on the ground. Share your thoughts and plans and to inspire and mobilize our editorial and advertising teams!

For editorial — for advertisement and for subscriptions

– Naresh Khanna (25 October 2023)

Subscribe Now
unnamed 1


Subscribe to our Newsletter


Please enter your comment!
Please enter your name here