A new solution has been created to make public transport payments in India easier, faster and safer.
Cardtek, the global payment technology company, has worked with Axis Bank to launch a national “open-loop” payment system for public transportation in India. The new payment solution will be fully integrated with India’s banking system and it is certified by RuPay, the national smartcard-based payment standard in India.
The aim is to provide a “secure payment platform that offers residents the ability to easily pay for goods and services – including public transportation – using either account-based or card-based open loop transit transactions”, according to Cardtek.
The payment solution “Axis Bank RuPay Contactless Transportation Card,” was initially rolled out in Bengaluru and will now be launched in Kochi. The opening ceremony was recently held in Kochi in the presence of India’s Prime Minister, Narendra Modi, and his ministers.
“It is a great honour that our payment technologies and team has been chosen for this massive public initiative,” said Ayse Nil Sarigollu, executive chair of Cardtek. “India is known for its innovation and advanced technology and this project will now allow residents to make all their public transactions easily, quickly, and safely via a single card or account.”
The smart bankcards, which are customisable with names and pictures of users, will enable Indian customers to make transactions via Axis Bank ATMs, vendors, online or via mobile apps. The open-loop solution will allow for payments of all mass transportation – including subways and bus systems – along with over 1.2 million merchant outlets around the country.