Visa is reportedly ready with specifications to start issuing cards for National Common Mobility Card (NCMC) network in India.
The payment giant may soon initiate talks with banks to launch such payment instruments, The Economic Times reported citing two undisclosed sources.
The publication quoted one of the sources as saying: “Visa is ready with the specifications to start issuing cards on the NCMC network and has started discussions with banks to issue their cards on NCMC as well, but it will take some time for the cards to start getting rolled out in the market.”
“The specifications for the NCMC programme are with the government and it is not owned by any specific body, hence, all card payment schemes are welcome to join the programme,” the publication quoted another source as saying.
“But the challenge is to upgrade the acceptance infrastructure where they have to be able to process NCMC transactions.
“This mode of offline payment can ensure higher success rates of transactions, unlike other open loop card systems which are used across many countries.”
Visa NCMC card
Launched by the Government of India last month, NCMC can be used to make payments across all segments including metro, bus, suburban railways, toll, parking, and retail.
The stored value on card supports offline transaction across all travel needs.
The mobility card, which runs on RuPay card, also allows users to withdraw money.