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June 22, 2017

Axis Bank, Kochi Metro roll out open loop EMV contactless prepaid card

India-based private sector lender Axis Bank has teamed up with Kochi Metro Rail Corporation (KMRL) to introduce an open loop EMV contactless metro card.

Dubbed KMRL Axis Bank ‘Kochi1’ Card, the new EMV contactless card will offer a convenient and hassle free travel experience to metro commuters in Kochi.

The bank has collaborated with National Payments Corporation of India (NPCI) in developing the transit EMV contactless specification on interoperable open standards.

Besides providing integrated benefits, the prepaid card offers a number of services to commuters including shopping experience at merchant outlets as they do not require carrying multiple cards.

The commuter will get a completely personalised KMRL Axis Bank ‘Kochi1’ Card across the counter in minutes. The prepaid card can be easily recharged through cash or debit or credit card.

In order to help commuters to manage their card, the bank has rolled out a mobile app, Kochi1, which also helps users to get QR tickets on the go for travel in the metro.

Using the Kochi1 app, the users can also check the current balance of their card, reload the metro card through any debit/credit card, obtain mini statement, block their card, check the schedule and fare details of the metro.

Axis Bank managing director and CEO Shikha Sharma said: “The KMRL Axis Bank ‘Kochi1’ Card marks a significant milestone in our efforts to further expand the use of electronic payments which are more efficient, secure and inclusive.

“We feel privileged about our association with Kochi Metro Rail Corporation (KMRL) and are hopeful that the product will provide commuters with a unique and seamless experience.

“Axis Bank has always been at the forefront of promoting a digitised economy and we are confident that the metro card will give commuters further encouragement as India makes rapid strides towards becoming a ‘less-cash’ economy.”

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