Bank of Maldives (BML) signed with Maldives Transport and Contracting Company (MTCC) to introduce transit exclusive cards.
The transit exclusive cards will be utilized in the Raajje Transport Link (RTL) high-speed ferry service network.
BML is expected to introduce the new payment network in association with MasterCard.
The national bank along with the international financial services corporation will be introducing new payment system by integrating it to all other payment networks accepted by BML.
BML reportedly is aiming to introduce an open-loop technology for the transit cards which will allow RTL customers to utilize a single card instead of multiple travel cards, with cash top-up features without the requirement for additional digital infrastructure.
The open-loop technology will grant passenger information to all relevant transport bodies in real-time, which is reported to greatly enhance the public transport system in the Maldives.
Speaking about the new partnership, the Chief Executive Officer of MTCC Mr. Adam Azim had emphasized on the importance of cashless and contactless transactions.
He remains hopeful that the open-loop technology will improve financial transactions while realizing the government's smart-city project.
The Chief Executive Officer of BML Mr. Tim Sawyer noted on the development of the bank's partnership with MasterCard in their introduction of a first-of-its-kind open-loop transit card system in the island nation.
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