Bank of Maldives (BML) has signed a Memorandum of Understanding (MOU) with Maldives Transport and Contracting Company (MTCC) and Mastercard to implement an integrated transport management and automatic fare collection system for the public transport service operated by MTCC in Maldives.
The MOU between MTCC, BML and Mastercard was signed earlier this Monday.
The project is part of Mastercard’s ‘Smart Cities’ initiative to introduce urban mobility solutions to transform the transport experience in cities.
As part of this, contactless and digital payments will be introduced on the bus and ferry network, making travelling simpler for commuters and cost-effective for service providers.
Speaking at the signing of the MOU, MTCC’s CEO Adam Azim said that the last year has shown the critical importance of innovative and contactless payment methods.
"The past year has shown the critical importance of innovative and contactless payment methods, and as always, we will strive to provide services that are safe and easily accessible for the public. This service will undoubtedly make the use of public transport simple and straightforward," he said.
BML’s CEO and Managing Director Tim Sawyer said the bank was committed to investing in innovative solutions that offer simplicity and convenience while meeting the changing customer expectations.
“Investing in innovative solutions that offer simplicity and convenience while meeting the changing customer expectations remains an important part of our business. We are delighted to partner with Mastercard and MTCC to implement this project which will see our digital card and mobile payment solutions enabled for the public transport sector,"” he said.
Meanwhile, Mastercard’s Country Manager for Sri Lanka and Maldives, Rajesh Mani said the project will bring about significant fiscal savings and offer unparalleled convenience to commuters.
“We are very happy to once again join hands with the Government of Maldives, this time to implement our open-loop Mastercard Transit Solutions system which will bring about significant fiscal savings, while offering unparalleled convenience to commuters," he said.
According to Mani, Mastercard has simplified the daily commute in over 150 cities around the globe. He said the company is proud to bring this wealth of experience to help the Maldivian government realize its digitization strategies.