Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, is providing Standard Bank, one of the leading financial institutions in South Africa, with a multifunction EMV contactless payment card enabling users to pay for transit fares and other goods and services with one digital wallet.
Standard Bank customers can now use the new MasterCard debit card to wave and pay directly at the gates in the public transport stations, without needing to carry cash or a separate travel card. The Muvo card initiative will help cardholders gain greater convenience while at the same time provide competitive advantages to Standard Bank and reduce the burden of managing cash on public transportation in the city of Durban.
The partnership has already resulted in the provision of more than 100,000 cards for the Ethekwini Municipality, which is looking to dramatically improve ticketless payments for its public transport system in the coastal city of Durban. Commuters can load funds into their cards at around 30 sales points throughout the city. The Muvo card complies with the exacting requirements of the National Department of Transport (NDoT), which mandates the combination of payment and transport in one single application. It can also be customized to reflect the profile of individual public transport users, enabling NDoT to adapt its fares accordingly.
The Muvo card adds value for existing account holders, and offers considerable potential to acquire new customers. These will include many who previously have been excluded from mainstream banking. Furthermore, by eliminating the need for cash on public buses, security will be considerably enhanced. Queuing and disruption to travel schedules will also be reduced, as travelers and staff no longer have to fumble for change.
Gemalto provides data preparation and personalization services associated to the "Muvo" card, as part of the ongoing service delivered to Standard Bank for its portfolio of debit and credit cards.
"The new card showcases the innovative value we strive to offer our customers by integrating the transit ticket inside a banking card - secured with bank-strength security - along with a payment wallet," commented Mike Hughes, Business Development Manager of Beyond Paymentts, Standard Bank's innovation and new business division. "We are looking to extend EMV contactless payments to a number of different market sectors including events, schools and university campuses, as well as toll roads and other players in the transport sector".
"This is a new era of card convergence with multiple services increasingly being combined on a single product that maximizes convenience for the end user," added Gabrielle Bugat, Senior Vice President at Gemalto. "We'll accompany Standard Bank in making financial services more accessible to the underserved population by using transport as a stepping stone."