At a time when many cargo transport companies have been facing issues due to a shortage of cash, Truckola, an asset-free, full-solution, tech-enabled interstate FTL transportation service provider, is aggressively pushing adoption of cashless transaction tools such as FASTags and diesel cards. Cashless toll payments accounted for more than 98% of all transactions conducted through Truckola in December, as opposed to the pre-demonetisation average of 21%.
More noteworthy, however, is the benefit that this adoption has brought to truckers associated with Truckola. With 10% cashback on FASTags transactions and more than 1% cashback on diesel card payments currently being offered by the government and the fuel companies, Truckola’s move to go cash-free has enabled massive savings on capital expenses for truck owners associated with its platform.
FASTags operate on radio frequency identification (RFID) technology and automatically debit the toll amount from prepaid bank accounts linked to them, fleet owners have greater transparency over toll payments made for their trucks and can avoid the unnecessary hassle of keeping track of toll receipts from every vehicle. The vehicle idling times are also drastically reduced, which in turn gives the overall cargo movement a big boost. Moreover, as drivers don’t have to carry large amounts of cash on them, the physical risk to their person due to robbery is also reduced.