The cards will be used in public transportation, enabling end-users to use them to tap and pay instead of buying a ticket each time they use transportation.
The bank will offer the first open loop EMV contactless smart cards to be used in public transportation in Bengaluru, the third most populous city of India.
Under the partnership, OT, a global provider of embedded security software products and services, will offer the contactless EMV smart cards.
Axis Bank cards & merchant acquiring business head Sangram Singh said: “We believe that the Axis Bank BMTC Smart card program in Bengaluru will lead the way towards implementation of many more open loop EMV contactless payment initiatives in India. This model offers unparalleled convenience of one card for multiple payment needs making this the most preferred option.
“We are happy to further deepen our relationship with OT by partnering with them for this pilot in Bengaluru. OT’s expertise and leadership in the payment card industry as well as their experience in digital security is a very valuable capability for the partnership.”
The smart cards offered by Axis Bank will have multiple service compartments to accommodate many retail/transit/toll/parking chains.
This allows users to have one single card for various payment needs.
Besides, the cards are interoperable across different transport systems in the country.
OT financial services institutions managing director Eric Duforest said: “Thanks to our collaboration with Axis Bank, this new payment platform will enable millions of end-users to enjoy convenience of payment in public transportation. It could change the future of payments in the country and OT is thrilled to be part of this technological success.”
