Monday, April 22, 2024

Perfect ID Gears Up To Meet Surge In FASTags Demand For Banks And Fintechs

Perfect ID, India's leading manufacturer of FASTags, is actively preparing to address the significant rise in FASTags demand triggered by the recent Reserve Bank of India (RBI) directive on a FinTech company. This surge stems from the requirement for customers to replace their existing FASTags with new ones issued by authorized banks.

Approximately 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.

Perfect ID, recognizing the critical need, has proactively invested in new equipment over the past few months, expanding its FASTags production capacity by 40%. This significant investment ensures they are well-equipped to handle the surge 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 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.

About Perfect ID–

Perfect ID is a global leader in RFID and IoT-powered digital transformations for businesses across industries. Perfect ID designs products to help its customers take control of their productivity-boosting and efficiency-augmentation objectives by tracking and tracing their business operations from manufacturing through the entire supply chain to their customers. A Subsidiary of Syrma SGS, an Indian manufacturing leader servicing customers across the world. Perfect ID is dedicated to leveraging over 50 years of combined experience in RFID and IoT manufacturing to design and develop products of unparalleled quality and finesse. Perfect ID’s clients utilize their products for a spectrum of applications, including Automatic Toll Collection, Asset Management, Item-level inventory management, garment and laundry tracking, and much more.

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