Payments technology provider Cardtek and partner Axis Bank have launched a national open-loop payment system featuring a contactless card for public transportation and other purchases in India.
Consumers can link the Axis Bank RuPay Contactless Transportation Card to a bank account for payments or use it for transit fare.
RuPay, the smart card-based payment standard in India, certifies the Axis Bank RuPay solution. It will integrate with the bank's systems to allow citizens to pay for other goods and services in addition to public transportation.
The development of the payment system ties in with Cardtek and India's advancements in "Smart City" technologies, initially rolling out the card in Bangalore, the third most populated city in the country. It is now also available in Kochi, considered one of the country's most popular tourist destinations.
“It is a great honor that our payment technologies and team have been chosen for this massive public initiative,” Ayse Nil Sarigollu, executive chairwoman of Cardtek, said in a July 13 press release. “India is known for its innovation and advanced technology and this project will now allow residents to make all their public transactions easily, quickly, and safely via a single card or account.”
The smart card displays the names and pictures of users, and will work at Axis Bank ATMs, and through e-commerce and mobile applications. Cardtek says the new contactless card will work on all mass transportation systems and at more than 1.2 million merchant outlets throughout India.
Cardtek has taken on a similar Smart City initiative in creating a national mobile payment platform in the United Arab Emirates through the emPAY mobile wallet.