On September 25, 2020 Fino Payments Bank Limited(Fino Payments Bank) in association with fintech partners has introduced Near Field Communication(NFC)-based contactless payments solution for mass transit systems, particularly for state bus transport services in India. It was developed by Fino Payments Bank in partnership with fintech firms like City Cash.
- NFC-based prepaid smart card ecosystem of Fino payment bank eases contactless or tap and go payments, which enables cashless ticketing.
Key Info
i.Fino payment bank with this introduction aims to utilise the opportunity to digitise cash used in mass transit systems.
ii.The bank has over 80% of its banking network of 2.75 lakh points in villages.
About the NFC-based prepaid smart card Solution
i.The solution can also be used offline for fare collection.
ii.Customers can recharge their smart card both in online and offline mode.
Additional Info
i.The bank is already working with Maharashtra’s SRTC(State Road Transport Corporations) and is eager to extend the benefits of the solution to other state transport corporations.
ii.Already 30 lakh NFC-enabled smart cards have been issued by the bank that are accepted across 20,000 Maharashtra SRTC(MSRTC) buses.
iii.The preferred mode of transport for the majority of people in rural and semi-urban areas is buses run by State Road Transport Corporations(SRTC), where cash is used to purchase tickets.
Recent Related News:
On August 15, 2020 Fino Payments Bank Limited(Ltd) launched Jan Bachat Khata (JBK), an Aadhaar authentication based digital savings account for its customers. JBK will bring neo-banking experience to the consumers. The primary target segment is low income household families and direct benefit transfer (DBT) beneficiaries.
About Fino Payments Bank Limited:
HeadOffice– Navi Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Rishi Gupta
