E-payments outfit TSYS is to provide card processing services to Buffalo-based M&T Bank for the roll out of a store-of-value mass transit card in conjunction with MasterCard.
The ETrac MasterCard is a reloadable, stored-value card, used to access Qualified Transportation Expenses (QTE) for public transport.
Currently, most employees who participate in QTE mass transit programmes are required to pay for subway, bus or other commuting expenses up-front and provide paper receipts for reimbursement. With the eTrac programme, employees can pre-register to receive an eTrac MasterCard that is automatically loaded with pre-authorised, pre-tax deductions each pay period. The card provides immediate access to the funds for commuter-related expenditure.
By dissolving the back-end paper trail associated with daily commuting expenses, the eTrac MasterCard eradicates the hassle to the cardholder while saving the user 30 to 45 per cent on mass transit costs, says the company.
Benefit Resource, an M&T Bank client, will offer eTrac to its corporate clients as a benefit to their employees. Initially, the programme will be launched in Boston, Philadelphia, Chicago, Washington and New York.