Mastercard collaborates with Maldives Transport and Bank of Maldives to enable digital payments acceptance on the country’s public transport network
May 10, 2023 | MALEMastercard Payment Gateway Services will power the first multi-model, open loop transit payment and digital ticketing system in South Asia
L to R: Adam Azim, ceo, Maldives Transport & Contracting Company and Vikas Varma, chief operating officer, South Asia, Mastercard during the launch of the first multi-model, open loop transit payment and digital ticketing system in Maldives.
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.
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About Maldives Transport & Contracting Company (MTCC)
Maldives Transport and Contracting Company (MCC) was incorporated in 1980 and is currently the longest-serving public company in the Maldives. The company was established with the objective of contributing towards the development of infrastructure and transport service in the Maldives. Since then, MTCC has positioned itself as one of the strongest business entities in the country with a diversified range of products and services. During the last forty-two years our focus has been on building our Nation. By pre-empting the needs of the country and its industries, and setting standards for infrastructure development and construction, dredging, reclamations and related works, we have played an important role in the development of the Economy. We serve the marine sector ensuring that the country's transport and fisheries sectors have access to engines, equipment, and the services to support their requirements. We move people to work, and goods to the market with our nationwide land and sea transport network which has seen massive development during the last few years.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
