Perfect ID, the top manufacturer of FASTags in India, is gearing up to meet the substantial increase in demand for FASTags following the recent directive from the Reserve Bank of India (RBI) regarding a FinTech company. This surge is driven by the need for customers to replace their current FASTags with new ones issued by authorized banks.
Around 18 million FASTags will require swift replacement to prevent delays and inconvenience at toll booths. This sudden surge in demand presents a challenge for FASTag manufacturers to efficiently meet these requirements in a timely manner.
Acknowledging the urgent demand, Perfect ID has taken proactive steps by investing in new equipment in recent months, thereby increasing its FASTags production capacity by 40%. This substantial investment guarantees that they are adequately prepared to manage the upsurge in demand from banks and FinTech companies.
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 to meet this surge in demand”.
Specializing in RFID design, the company operates from a 55,000-square-foot facility in Gurgaon, encompassing IC bonding, inlay manufacture, tag conversion, and personalization. With this infrastructure, Perfect ID has established itself as the primary supplier of FASTags to leading banks for more than six years.