Jio Payments Bank, subsidiary of Jio Financial Services secured a contract to implement the FASTag Automatic Number Plate Recognition (ANPR)-based MLFF collection system at two toll plazas between Gurugram and Jaipur on Monday, Oct. 13.
“The MLFF tolling system is an advanced electronic toll collection technology that accurately identifies, classifies, and charges vehicles traveling without requiring them to slow down, stop, or use designated toll lanes".
Further, the system, "leverages a combination of Radio-Frequency Identification, ANPR, Dedicated Short-Range Communication, and Global Navigation Satellite System technologies to ensure smooth, contactless tolling operations across multiple lanes, thereby reducing congestion and improving commuter convenience,” the company said in an exchange filing on Monday.
It further explained that these plazas were awarded as part of the tender issued by Indian Highways Management Company Ltd. for managing toll processing under India's pilot MLFF project, aimed at enabling seamless, barrier-free vehicular movement on national highways. “So far, five MLFF bids have been awarded, of which JPBL has secured two, demonstrating its competitiveness in this space,” the company said.
Currently JPBL is managing toll operations at 11 toll plazas on different highway stretches across the country as an acquirer bank. With the acquisition of toll management rights at these two MLFF road projects, “JPBL is well-positioned to play a pivotal role in the country's evolving infrastructure-linked digital payments landscape,” the company said in the exchange filing.
Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC), registered with the Reserve Bank of India. JFSL is a new-age institution, which operates a full-stack financial services business through customer-facing entities, including Jio Credit Ltd., Jio Insurance Broking Limited, Jio Payment Solutions Ltd., Jio Leasing Services Ltd., Jio Finance Platform and Service Ltd., and Jio Payments Bank Ltd.
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