Mastercard has partnered with Maldives Transport & Contracting Company (MTCC) and Bank of Maldives (BML) to roll out the first multi-model, open loop transit payment and digital ticketing system in South Asia.
The new technology, powered by Mastercard Payment Gateway Services (MPGS), will enable seamless credit card and debit card payments across Maldives’ public transport network, including buses and ferries.
The move is part of Mastercard’s strategic ambition to work as a trusted partner of government and private sector entities to accelerate digital payments uptake and usage across key sectors, such as transit.
Adam Azim, CEO & Executive Director, Maldives Transport & Contracting Company, said, “Being the longest serving public company in the Maldives, MTCC remains at the forefront of the development of high-quality and hassle-free infrastructure and transport services in the country. The company is delighted to have collaborated with Mastercard to launch this multi-model transit payment and digital ticketing system which will significantly improve the commuting experience by enhancing convenience and saving time.”
Vikas Varma, Chief Operating Officer, South Asia, Mastercard, said, “Mastercard is delighted to support MTCC’s vision to deliver world-class services and payments solutions to the people of Maldives. With open loop acceptance for contactless credit and debit cards, commuters will be able to enjoy a frictionless experience, while accelerating digital payments adoption in the country. For many years, Mastercard has worked to simplify daily commutes in cities around the globe. It is a proud moment to bring this wealth of experience to support the upgrade of Maldives’ public transport network.”
The new multi-model technology will enable commuters to simply tap their contactless credit and debit cards on a ticketing device inside the bus or at a ferry terminal to pay for their journey, or pre-purchase tickets online via the Raajje Transport Link (RTL) mobile app. Alternatively, commuters who do not have a credit or debit card can apply for a RTL-Mastercard co-branded prepaid card.
“Mastercard is working with transit operators and governments throughout the Asia Pacific region and around the world to simplify commuters’ journeys on public transport. This is especially helpful for overseas arrivals to a country, such as the Maldives, as it allows travelers to immediately get around easily using their existing credit or debit cards, without having to exchange currency or look for an ATM machine. As open loop becomes the most widely adopted payment method across smart cities worldwide, Mastercard is pleased to contribute its expertise in support of the Maldives being added to this list,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard.