Perfect ID, the foremost manufacturer of FASTags in India, is gearing up to meet the surging demand for FASTags following the recent directive issued by the Reserve Bank of India (RBI) to a FinTech company. This directive mandates customers to replace their existing FASTags with new ones issued by authorized banks, leading to a substantial increase in demand.
With approximately 1.8 crore FASTags requiring swift replacement to prevent delays and inconvenience at toll booths, there is a pressing need for manufacturers to respond promptly and efficiently. Perfect ID has anticipated this surge in demand and has taken proactive measures to address it.
In anticipation of the increased demand, Perfect ID has made substantial investments in new equipment over recent months, resulting in a 40% expansion of its FASTag production capacity. This strategic investment positions Perfect ID to effectively cater to the heightened demand from both banks and FinTech companies, ensuring seamless transitions for customers.
Commenting on this Satendra Singh, CEO of Syrma SGS says, “As the leading manufacturer of Fastags, we leverage cutting-edge technology in our manufacturing processes to assist our clients and contribute to the Make in India initiative. We have made substantial investments in enhancing our production capacity to efficiently address the sudden and time-sensitive increase in demand. Our Perfect ID team (A subsidiary of Syrma SGS Technology Limited) is fully prepared to support our customers meet this surge in demand.”
The company specializes in RFID design and with a 55,000 square feet facility in Gurgaon covering IC bonding, inlay manufacture, tag conversion, and personalization, Perfect ID stands as the largest supplier of FASTags to top banks for over 6 years.
Also read – Storm Call 3 by boAt unveiled: India’s First Smartwatch with Turn-by-Turn Navigation
Join our WhatsApp News Channel for quick updates – FYI9 News WhatsApp Channel
