India-based Axis Bank has collaborated with Bengaluru Metropolitan Transport Corporation (BMTC) to roll out its new smart card to create a scalable, interoperable ecosystem for union of transit and retail payments.
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Dubbed as ‘Axis Bank BMTC Smart card’, the new card is touted to be India’s first ever open loop EMV contactless smart card that would make travel by bus, a convenient and stress-free experience for the daily commuters in Bengaluru.
The card offers integrated single wallet and supports both EMV wallet and transit functions.
Axis Bank has teamed up with National Payments Corporation of India (NPCI) for developing the transit EMV contactless specification on interoperable open standards. By integrating these standards with the existing fare collection systems, these specifications can be used by any other transit operator (Metro/Cabs/Auto).
Axis Bank said that the Smart Card can be obtained from BMTC issuance counters such as pass counters, and Traffic and Transit Management Centres (TTMC) and various other touch points across Bengaluru.
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By GlobalDataThe commuter can top up the card at BMTC issuing points, Axis Bank ATMs, web, through conductors on bus or Axis Bank Merchant terminals.
Axis Bank executive director Rajiv Anand said: "In most cases, transit cards are only used to pay transit fares, limiting the customer from using the card seamlessly outside the transit ecosystem.
"We are very happy to announce India’s first Open loop – single wallet EMV Contactless Transit Card, which allows the customers to utilise the balance for transit as well as retail purchases like shopping and dining.
"With the launch of Axis Bank BMTC Smart Card, we are confident of simplifying the transit process and offering a seamless payment experience for the commuters with a single card."
