10 February 2016

Standard Bank issues dual-function transit-ticketing and debit card

17 May 2012  |  6554 views  |  0 Mastercard - PayPass

South Africa's Standard Bank has issued a multifunction payments card, offering pre-paid transit ticketing alongside contactless debit card functionality.

The dual-function Muvo card will be used initially by 1000 commuters to load tickets for bus travel in Durban city centre. Users will load credits onto their Muvo card at kiosks, and then tap the card against a card reader upon boarding a bus in order to pay for their ride.

The pilot phase will be followed by a roll-out to the rest of the 55 0000 commuters throughout the eThekwini Municipality region.

The card features MasterCard's PayPass application and an MChip 4 data chip for regular in-store payments.

Herman Singh, chief executive officer of Standard Bank's innovation unit Beyond Payments, says: "The Muvo card is a world first, and showcases a transit ticket sitting inside a banking chip - secured with bank strength security - along with a payment wallet."

He sees the introduction of contactless card-based applications as a stepping stone to fully-fledged NFC-based mobile shopping.

"It is inevitable that we will all be using our phones to pay at merchants in the future," saYS Singh. "However it's important to recognise that this is a journey and not a destination - there will be no big bang launch, but eventually we will see all individuals routinely paying with phones at all merchants on the high street."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

10 May, 2012
23 January, 2012
06 December, 2011
08 November, 2011
26 October, 2011
08 September, 2011
04 July, 2011
23 March, 2011
09 April, 2010
29 March, 2010
09 March, 2010
16 February, 2010
14 August, 2008

Related company news


Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
12068 views comments | 52 tweets | 45 linkedin
Digital transformation driving earnings at...
10795 views comments | 49 tweets | 45 linkedin
UK sets out open banking API framework
8888 views comments | 64 tweets | 61 linkedin
Visa opens up to developers
8827 views comments | 24 tweets | 41 linkedin
European mobile banking service Pocopay go...
7455 views comments | 24 tweets | 14 linkedin

Featured job

Find your next job