Bengaluru-based crypto exchange Unocoin has enabled FASTag payment services for its users. The startup posits that the feature will allow crypto users to recharge their FASTag accounts.
FASTag provides cashless toll collection across highways and toll roads via an electronic device which is operated by the National Highway Authority of India (NHAI). It uses radio frequency identification, aka RFID to make toll payments directly from prepaid wallets or linked savings accounts. In 2019, the Society of Indian Automobile Manufacturers (SIAM) mandated FASTag chips on toll booths across national highways.
The FASTag feature on the Unocoin app has nearly 17 operators listed for the users to choose from. The application will support a top-up starting from a minimum of INR 100 to a maximum of INR 10,000 and unlimited transactions through the day while ensuring that there is enough bitcoin in the user account to cover it.
Launched in 2013 by Sunny Ray, Abhinand Kaseti, Harish BV and Sathvik Viswanath, Unocoin is a BTC-INR (bitcoin to rupees) trading platform that helps users buy, sell, store, use and accept bitcoins. It claims to have processed transactions over INR 2 Bn per month for over 1,300,000 customers during its peak. At the moment, the startup claims to have over 1.38 Mn cryptocurrency users on its platform.
In August, the crypto exchange had introduced a gift voucher feature which allows users to shop from 90+ brands like Dominos, CCD, Baskin & Robbins, Himalaya, Prestige etc.
According to a Chainalysis report, India’s crypto market, valued at $923 Mn in April 2020, has grown into a $6.6 Bn market by May this year.