Indian trucking sector is suffering from losses of Rs 2-3 crore /day in faulty toll transactions, revealed a report released by Gurugram based logistics tech startup, WheelsEye Technology. The report has been prepared on the basis of a research conducted on over 5 lakh FASTag users.
WheelsEye report 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 Wednesday 16th 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 COVID19 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 1st January 2021. There will be no more cash lanes at the toll plazas.