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With Tag Itaú, Itaú Unibanco’s clients will pay no ConectCar monthly fees

This benefit will be offered to the bank’s 60 million clients to foster customer loyalty with offerings that go beyond banking services

São Paulo, September 1, 2021 – In partnership with ConectCar, Itaú Unibanco announces the launch of Tag Itaú, a no-fee automatic payment solution for tolls and parking lots, exclusively for the bank’s clients. This fee waiver benefit will be available from the second half of September 2021 and is set to be incorporated first into the tags of the ConectCar brand. And from November 2021, the bank will supply its own tags. Both this product and benefit are expected to be available to 60 million clients by the end of this year. With this launch, Itaú is strengthening its strategy for fostering customer loyalty with operations that go beyond banking services. And even more than that, it supports mobility by encouraging more people to access a service that makes traffic in cities and roads flow. 

“This strategy change is one more development of our commitment to client centricity, converging with this era of increasing digitalization of the population and greater interest in contactless payment alternatives,” said Alexandre Zancani, an officer and member of Itaú Unibanco’s Executive Committee. “We will increasingly work with offerings that go beyond the shelf of banking services to benefit and enhance our client relationship. By expanding our knowledge about our clients, we will be able to produce more customized offerings, anticipate our clients’ new demands and, therefore, keep our leading role in the market.”

“We bet on the potential of this initiative to leverage the growth of the automatic free-flow tolling market, thus modernizing the Brazilian mobility ecosystem. Our business will have scale gains. With a partner with Itaú’s reach and all our technological expertise, we want to achieve 30% market share by 2023,” said Felix Cardamone, ConectCar’s CEO. According to the executive, this new offering also promotes a topic which has been discussed by regulatory bodies and concessionaires. “By encouraging the expansion of this segment, we prepare more drivers for free-flow tolling, a system that should be soon implemented in Brazil,” adds Mr. Cardamone.

Both brands are betting on a thriving tag market in Brazil driven by incentives such as the Frequent User Discount (FUD) and a 5% toll discount for those using the automatic collection system. Also, it is forecast that the 27 new concessions on Brazilian roads expected by the end of 2023 may double road mileage, currently at 20,000 km. 

The bank currently holds diversified interests in the mobility ecosystem. On one front, it has the Bike Itaú program, including regular bikes and e-bikes, and the vec Itaú program of shared electric vehicles. In addition to offering vehicle consortium, financing and insurance, the bank works with digital solutions for concessionaires and dealers, fostering business and easing management. Itaú’s operations in this ecosystem are supplemented by iCarros, a marketplace for buying and selling vehicles, and by WTW Play, a streaming platform powered by Itaú in partnership with Welcome Tomorow, 100% dedicated to mobility issues. 

New Tag Itaú

Similar to the ConectCar Full Plan, with monthly fees of R$17.90, Tag Itaú will provide the bank’s millions of clients with access to an automatic toll payment collection experience, for highway tolls and with parking lots included – but with no monthly fees. The product may initially be purchased through the client’s credit card, but in the coming months it will be possible for Itaú’s account holders to be charged directly from their current accounts. 

“Clients gain convenience, in terms of safety – both physical and hygiene – and productivity. In big cities, many people waste long hours stuck in traffic. This also happens on the roads, especially on holidays and vacation time. With such solutions, aggregate losses in Brazil from traffic jams could be transformed into more time spent on more significant activities,” notes Felix Cardamone of ConectCar.

This launch will be phased in and completed by the end of the year, and over this month of September over 250,000 of Itaú’s card customers who already have the ConectCar tag will have monthly fees automatically waived. Other people interested in purchasing the product may request their tag with the benefit from the end of September. For further details about Tag Itaú, please access:  https://meu.itau/tagitau