New Delhi: Perfect ID, leading manufacturer of FASTags, and a subsidiary of Syrma SGS Technology Limited. is preparing to meet the rise in demand for FASTags triggered by the recent Reserve Bank of India (RBI) directive on a FinTech company which requires customers to replace their existing FASTags with new ones issued by authorized banks.
About 1.8 crore FASTags will need to be replaced swiftly to avoid delays and inconvenience at toll booths. This sudden increase in demand poses a challenge for FASTag manufacturers to fulfil these requirements quickly and efficiently, the company said in a media release.
Perfect ID, recognizing the critical need, has invested in new equipment over the past few months, expanding its FASTags production capacity by 40%. This investment enables it to handle the surge in demand from banks and FinTech companies, the release added.
Satendra Singh, CEO of Syrma SGS, said, “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 is fully prepared to support our customers to 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.
