Bank of Maldives (BML) will reportedly introduce transit exclusive cards in association with international financial services corporation MasterCard.
The transit cards will be utilized in the Raajje Transport Link (RTL) services launched by Maldives Transport and Contracting Company (MTCC) for which the national bank had signed with the contracting company.
Moreover the new payment system will be integrated into all other payment networks either managed or accepted by BML.
Under the Maldives Transit Project, BML will reportedly introduce an open-loop technology allowing customers to make use of a single transit card with cash top-up features without the requirement of additional digital infrastructure.
The open-loop technology will further enhance the public transportation system with real-time passenger updates relayed to relevant transport bodies.
While speaking about the latest partnership, the Chief Executive Officer of MTCC Mr. Adam Azim noted on the importance of enhancing contactless payment systems for financial transactions in the digital age.
Mr. Tim Sawyer, the CEO of BML had noted on the expansion of the bank’s partnership with MasterCard in its latest initiative which will make introduction of a first time ever open-loop transit card system in the Maldives.