Maldives Transport and Contracting Company (MTCC) partners with Bank of Maldives (BML) and Mastercard to introduce a digital payment system that will allow customers to use their cash cards while utilizing the public transport system.
A Memorandum of Understanding (MoU) was signed between the three parties to implement an integrated transport and fare management system. CEO of MTCC Adam Azim and Managing Director of BML Tim Sawyer signed on behalf of their respective companies. Country Manager for Sri Lanka and Maldives by Mastercard, Rajesh Mani also joined this ceremony.
The digital payment system is part of Mastercard's "Smart Cities" initiative. Contactless and digital payments will be made under these systems.
CEO of MTCC said they were delighted to partner with BML and Mastercard.
"The past year has shown the critical importance of innovative and contactless payment methods, and as always, we will strive to provide services that are safe and easily accessible for the public. This service will undoubtedly make the use of public transport simple and straightforward," Azim said.
CEO of BML Tim Sawyer said investing innovations that provides ease and convenience to their customers is something that remains important to their business.
This system will be completed in November of this year according to MTCC. This system will be implemented in phases; in phase one BML customers can use cash cards to make their payments. Other customers will be provided a separate travel card by Mastercard and MTCC.
Services to customers from other banks will be made available only in the second phase of this project.