Monday, 13th September – Bank of Maldives (BML) signs a Memorandum of Understanding (MoU) with both Mastercard and Maldives Transport and Construction Company (MTCC) to implement digital payment solutions.
The agreement will see the implementation of an integrated transport management and automatic fare collection system for the public transport service operated by MTCC.
Furthermore, project falls under Mastercard’s “Smart Cities” initiative that will aim to introduce “urban mobility solutions” in order to transform the transport experiences in cities. The initiative focuses on creating contactless and digital payments that will be introduced to bus and ferry networks.
Speaking about this initiative, BML’s CEO and Managing Director comments “investing in innovative solutions that offer simplicity and convenience while meeting the changing customer expectations remains as important part of our business.”
“We are delighted to partner with Mastercard and MTCC to implement this project which will see our digital card and mobile payment solutions enabled for the public transport sector,” he added.
Moreover, the Country Manager of Mastercard, Sri Lanka and Maldives, Mr. Rajesh Mani said “we are very happy to once again join hands with the Government of Maldives, this time to implement our open-loop Mastercard Transit Solutions system which will bring about significant fiscal savings, while unparalleled convenience to commuters.”
Furthermore, Mr. Mani added “through this program, Mastercard currently has simplified this daily commute in over 150 cities around the globe and is proud to bring this wealth of experience to help the Government of Maldives realize its digitization strategies.”
MTCC CEO Mr. Adam Azim spoke about the project, stating “we are delighted to partner with BML and Mastercard to provide even more convenience to our customers.”
Moreover, the MTCC front-man went on to further add, “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.”