Bank of Maldives (BML) has announced a collaboration with Mastercard and Maldives Transport and Contracting Company (MTCC) to issue transit cards for the recently launched Raajje Transport Link (RTL) network.
Through the collaboration, Mastercard will be the exclusive payment network of transit cards in Maldives for the RTL. Mastercard will also enable all other networks accepted by BML to make transit related payments.
BML noted that open loop technology will eliminate the need for commuters to carry multiple cards to transact and travel, as one card will do it all.
As no additional infrastructure is required to top up these cards, no additional cost will be incurred by consumers, resulting in enhanced commuter satisfaction.
The open loop system will also serve as a method to provide real time data to authorities on passenger numbers and other key performance indicators while optimizing the public transport system.
During the first phase of the RTL project, 14 islands within the HDh. Atoll were connected to the open loop technology. As the connectivity progresses to completion, a total of 41 islands will be connected through the transit solution. And in the next phase, the open loop technology will be expanded to include bus and ferry services in the area of Male’ and Hulhumale’ which accounts for majority of passenger movement in the country.
MTCC’s CEO Adam Azim said that MTCC had learned the importance of innovative and contactless payment methods, and their contribution to quality of life, and added ease in staying on top of passenger movements, over the years.
“Given these benefits, MTCC pioneered the movement to do away with cash and switch to cashless and contactless payment options, in line with Mastercard’s and the government’s vision of turning Male’ into a smart city, I am confident that use of the very latest open loop technology will make this a reality. We are also grateful to our service provider, SC Soft Pte. Ltd. who have assisted us in executing this project,” he said.
BML’s CEO Tim Sawyer said the bank was pleased to build its partnership with Mastercard to introduce Maldives’ first open loop transit card for MTCC’s public transport network.
“The payments landscape continues to evolve rapidly with tremendous growth in the adoption of contactless payments. As the largest bank in the country, we continue to seek out digital solutions and innovations to provide customers with the convenience they expect. Together with Mastercard and MTCC, we look forward to the successful implementation of this technology across the country,” he said.
Mastercard’s Country Manager for Sri Lanka and Maldives, Sandun Hapugoda said the company was delighted to partner with MTCC and honored to contribute towards the vision of MTCC to deliver world-class solutions to the people of Maldives.
“Mastercard has been working towards simplifying daily commuting in over 150 cities around the globe and we are proud to bring this wealth of experience to upgrade Maldives transit. In addition to offering unparalleled convenience to commuters, implementing the open-loop Mastercard Transit Solutions will also help in achieving the socio-economic goals of the country,” he said.
The largest bank in the Maldives, BML has a reputation of launching and introducing new technology to the country.
BML said that the open loop transit card system was yet another innovation that the bank sought to introduce through partnerships with companies such as Mastercard.