Bank of Maldives (BML) has signed a Memorandum of Understanding (MOU) with Mastercard and Maldives Transport and Construction Company (MTCC) to implement an integrated transport management and automatic fare collection system for the Raaje Transport Link (RTL) under Integrated National Public Ferry Network (INPFN).
The project is part of Mastercard’s “Smart Cities” initiative to introduce urban mobility solutions to transform the transport experience in cities. As part of this, contactless and digital payments will be introduced on the bus and ferry networks, making travelling simpler for commuters and cost-effective for service providers.
Using open-loop technology, travelers can make all payment transactions with one card without having to use multiple cards. With no need to use additional infrastructure to top up this card, travelers will not have to incur additional costs, which will provide more convenience and satisfaction to the passengers. The open-loop system allows institutions to view the number of travelers and other information in real-time.
Bank of Maldives CEO and Managing Director, Tim Sawyer, said that investing in innovative solutions that offer simplicity and convenience while meeting changing customer expectations remains an important part of the business and expressed delight in partnering with Mastercard and MTCC to implement the project, which will see digital card and mobile payment solutions enabled for the public transport sector.
Commenting on the solution offered, Country Manager, Sri Lanka and Maldives, Mastercard, Rajesh Mani, said implementing its open-loop Mastercard Transit Solutions system will bring about significant fiscal savings while offering unparalleled convenience to commuters.
Furthermore, CEO of MTCC Adam Azim said the past year has shown the critical importance of innovative and contactless payment methods, and as always, MTCC will strive to provide services that are safe and easily accessible for the public.
MTCC commenced the RTL service in Zone 1 of the National Public Ferry Network on June 12th, which consists of Haa Alifu Atoll, Haa Dhaalu Atoll, and Shaviyani Atoll. As such, MTCC began the high-speed ferry service by connecting 13 islands in the Haa Dhaalu Atoll via five routes.