Perfect ID Prepares to Address Surge in FASTags Demand from Banks and Fintechs

Perfect ID, a prominent manufacturer of FASTags in India, is gearing up to meet the sharp rise in demand for FASTags from banks and fintech companies. This surge follows a recent directive from the Reserve Bank of India, mandating the replacement of existing FASTags with new ones issued by authorized banks. With approximately 1.8 crore FASTags needing swift replacement to prevent toll booth delays and inconvenience, meeting this sudden demand presents a challenge for manufacturers.

In response to this urgent need, Perfect ID has proactively expanded its FASTags production capacity by 40% through investments in new equipment over the past few months. This strategic move ensures they are well-prepared to efficiently cater to the increased demand from banks and fintech firms.

Satendra Singh, CEO of Syrma SGS, parent company of Perfect ID, emphasized their commitment to leveraging cutting-edge technology in manufacturing processes to support clients and contribute to the Make in India initiative. He highlighted the substantial investments made to enhance production capacity, ensuring readiness to address the surge in demand promptly.

With expertise in RFID design and a state-of-the-art facility spanning 55,000 square feet in Gurgaon, encompassing IC bonding, inlay manufacture, tag conversion, and personalization, Perfect ID has been a leading supplier of FASTags to top banks for over six years.