 "BMTC ties up with Axis Bank")
Come September, commuters won't have to worry about fielding the exact change to purchase tickets aboard any of Bengaluru's 6,000 odd busses, as they would be able to make payments with a mere tap of a smart card.
The Bengaluru Metropolitan Transport Corporation (BMTC) in association with Axis Bank has unveiled India's first open loop contactless card that will allow users to pay not only for bus rides, but also use it at any other merchant outlet, similar to their debit or credit cards.
"The transit agencies across the globe have been moving away from cash-based fare collection systems to contactless smart card-based systems. Axis Bank BMTC Smart Card is the next step towards building an Intelligent Transport System (ITS) in the city," said Ekroop Kaur, managing director of BMTC, said in a statement.
BMTC, which is currently running a pilot for the programme with a closed user group, says that the card will be available to everyone and not just Axis Bank users. Moreover, the new contactless payment method will make it easier for conductors to collect fares and reduce pilferage in the system.
"The aim of technology should be to make life simpler for the citizen," said Ramalinga Reddy, the state's minister of transport. He added that he hopes to see more modes of public transit such as the Bengaluru Metro and even autos and taxis adopt the payment technology in the near future.
While Axis Bank hopes that it will ultimately see debit cards and credit cards having similar functionality, for now the card will have to be topped up with a pre-paid balance. Customers would be able to do this online at Axis Bank ATMs, aboard BMTC busses, and at Axis Bank merchant terminals.
The Bengaluru Metropolitan Transport Corporation (BMTC) in association with Axis Bank has unveiled India's first open loop contactless card that will allow users to pay not only for bus rides, but also use it at any other merchant outlet, similar to their debit or credit cards.
"The transit agencies across the globe have been moving away from cash-based fare collection systems to contactless smart card-based systems. Axis Bank BMTC Smart Card is the next step towards building an Intelligent Transport System (ITS) in the city," said Ekroop Kaur, managing director of BMTC, said in a statement.
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The smart card will work like a wallet, with users having to pre-load funds in order to use them on buses and to make other purchases. Axis Bank said it has partnered with the National Payments Corporation of India (NPCI) in order to develop the payments mechanism, which is a first in the country.
BMTC, which is currently running a pilot for the programme with a closed user group, says that the card will be available to everyone and not just Axis Bank users. Moreover, the new contactless payment method will make it easier for conductors to collect fares and reduce pilferage in the system.
"The aim of technology should be to make life simpler for the citizen," said Ramalinga Reddy, the state's minister of transport. He added that he hopes to see more modes of public transit such as the Bengaluru Metro and even autos and taxis adopt the payment technology in the near future.
While Axis Bank hopes that it will ultimately see debit cards and credit cards having similar functionality, for now the card will have to be topped up with a pre-paid balance. Customers would be able to do this online at Axis Bank ATMs, aboard BMTC busses, and at Axis Bank merchant terminals.