BengaluruJune 14, 2016: Axis Bank, India’s third largest private sector bank has associated with Bengaluru Metropolitan Transport Corporation (BMTC) to launch ‘Axis Bank BMTC Smart card’, India’s first ever open loop EMV contactless smart card that would make travel by bus, a convenient and hassle free experience for the daily commuters in Bengaluru. This initiative is in support Ministry of Urban Development’svision to address the need of Common Mobility Card.
Axis Bank BMTC Smart Card is India’s first prepaid transit card offering integrated single wallet that supports both EMV wallet and transit functions. The card offers integrated services to the commuters by offering them cashless bus travel; and also offers shopping experience at about 1.2 Mn merchant outlets across the country, and therefore, no hassle of carrying multiple cards.
Axis Bank has partnered with National Payments Corporation of India (NPCI) for this project for developing the transit EMV contactless specification on interoperable open standards. These specifications can be used by any other transit operator (Metro/Cabs/Auto) by incorporating these standards with their existing fare collection systems. This will make it more convenient for the commuters, as it would allow them to use the same card for purchasing tickets/passes & for all other daily purchase transactions
The Smart Card will be issued and loaded at BMTC issuance counters such as pass counters, and Traffic and Transit Management Centres (TTMC) and various other touch points across Bengaluru For balances below Rs 10,000/-, cards would be issued by capturing the minimum mandatory requirements of the customer in the system. For balances between Rs 10,000/- to Rs 100,000/-, full KYC documentation would be taken. The commuter can recharge the card at BMTC issuing points, Axis Bank ATMs, Web, via conductors on bus or Axis Bank Merchant terminals, eliminating the process of waiting in long queues to get bus passes.
Sri. Ramalinga Reddy, Hon’ble Minister of Transport, Govt.of Karnataka said, “The aim of technology should be to make life simpler for the citizen. Technology that aids in bringing about transparency and convenience is a welcome step and hence this is an important milestone for BMTC and Axis bank and they should endeavour to make the entire experience simple and hassle free for the commuter”
Speaking on the occasion, Dr.Ekroop Kaur, MD, BMTC said, “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.
“Axis Bank’s technology expertise and banking offerings, have paved the way for making travel in Bangalore more comfortable and transactions seamless. She further added.
Speaking on the occasion, Mr. Rajiv Anand, Executive Director, Axis Bank 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”, he further added.