Partners with ICICI and IDFC Bank to automate fuel payments
across 70% of India’s fuel network
India, March 2022: Numadic, the Goa-based
fintech solutions provider has collaborated with FASTag market leaders, ICICI
and IDFC to empower over 80 lakh consumers with automated fuel payment
solutions. Numadic’s Nu Fuel Pay solutions are being deployed in fuel stations
starting with Maharashtra and is expected to reach 70% of India’s fuel retail
network in the next 2 years. Numadic recently raised USD 2.5 million in a
Pre-Series A funding round led by 9Unicorns and Venture Catalysts. In the two
years since launch, the platform has grown to process nearly $1mn in vehicle
transactions daily.
Numadic’s ‘Nu Fuel’
product integrates seamlessly with FASTag, a device that employs Radio
Frequency Identification (RFID) technology to make in-vehicle payments
directly. This integration has also made it the quickest mode to get refueled
at a fuel pump in India. The platform is also expected to extend to India’s
fast growing EV charging ecosystem, thereby delivering customer delight across
segments.
Aprup Shet, Cofounder & VP - Partnerships said, “Our integration with FASTag for vehicle payments is unique,
innovative, and establishes the potential to scale the business. Our vision is
to remain steadfast in taking India closer to a world of autonomous mobility.
Our industry-leading solutions will ensure quick turnaround times for end
users, fuel station attendants, and allow cost reductions in payments to
‘undisrupt’ vehicle movement. Such initiatives not only bolster Government of
India’s Digital India campaign but also enhance the customer experience for
easy payments at retail outlets."
FASTag has surpassed
over 4.77 Crore users in India, reaching a penetration of 96 percent as per a
recent notification. As you drive though any fuel station, there will be
dedicated zones that have FASTag readers installed overhead or handheld devices
that will scan the RFID code as your vehicle passes beneath them. The RFID code
is detected for your vehicle, processed and the necessary amount is deducted
from the prepaid balance.
Nu Fuel’s product
capabilities include standalone or embedded FASTag fueling solution, closed
loop multi-issuer bank support along with hardware and software solution
integration. Apart from end-users, it also aims to simplify fuel transactions
for oil marketing companies and fleet operators, consolidating their vehicle
spending and tracking to achieve cost savings.
Cofounded by
entrepreneurs Aprup Shet, Haston Silva, Karishma Shadiza, Yesh Surve and Luke
Sequeira, Numadic is a vehicle interface platform that builds apps and APIs to
enable autonomous vehicle payments. From vehicle identification, payments to
document exchange, the platform powered by Numadic’s Goa-based technology team
aims to deliver new-age fintech solutions to “undisrupt” the movement of people
and cargo.
Fastag Business
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