Tweet this article by copy-pasting [] to your Twitter handle with the hashtags #MasterCard and #cashless

Bogota, 23 April 2013 – Recaudo Bogota S.A.S and MasterCard signed an agreement to integrate electronic payments to Bogotá’s Integrated Public Transportation System – (SITP by its Spanish acronym). Through this agreement, Recaudo Bogota will enable users of the transportation system’s infrastructure to pay with MasterCard credit or debit cards when riding SITP’s blue buses and TransMilenio’s Phase III articulated buses.

“An alliance of this size is another sample of the commitment shown by Recaudo Bogota SAS towards the future of mobility in the nation’s capital through an efficient and agile Integrated Transportation System. The company continues to provide new and innovating systems, as well as the best technology, to simplify the use of the integrated transportation system in the city of Bogotá”, explained Javier Cancela, Recaudo Bogota CEO.

The implementation of this electronic payments system facilitates the operation and integration process of this transportation system, strengthening its infrastructure in order to satisfy the growing transportation needs in Bogota. This hybrid credit or debit card was designed with MasterCard’s technology, offering two applications: one for paying in commercial establishments and for banking transactions and the other “RB” specialized in transit, for payments in the transportation system.

“The use of cash and the lack of payment options for users of the transportation system generate system inefficiencies and limit its access by users. Looking to solve this, many countries have implemented electronic payment options that improve transportation systems, making them more agile and efficient, with greater control over incomes while eliminating the informality that has hindered its growth and expansion,” stated Marcela Carrasco, President of MasterCard Colombia and Ecuador.

By the end of the year, card holders can request from their banks the hybrid MasterCard or Maestro cards, in order to have a single plastic card that allows them to access the Integrated Public Transportation System, while also being able to perform banking transactions. These types of electronic payment solutions are comfortable, safe and reliable, and they also facilitate orderly and agile entry into these systems. This technology is the same one already applied to the SITP Tullave card and that is now expanding as a result of this agreement.

Users of this new card do not need to recharge it, given that it has direct debit from the card holder’s credit line or current account and they will be able to use everywhere the Tullave card (the SITP’s current card) is currently accepted.  At the time there are 4300 buses from the SITP and the TM Phase III that can be accessed with these cards, but the projection for the start of next year, when Recaudo Bogota is established as the sole operator of the SITP, is for the benefits to be expanded to the entire system.

The use of cash and the lack of different payment options generate system inefficiencies and limit its access by users. We are firm believers that electronic payments not only generate a necessary cultural shift, but also transform the transportation systems, making them more agile and efficient and fostering their growth and expansion.