Bank of Maldives (BML) has reportedly signed a Memorandum of Understanding (MoU) with Maldives Transport and Construction Company (MTCC) and Mastercard to implement digital payment solutions.
As per BML, the initiative aims to implement “an integrated transport management and automatic fare collection system” for the MTCC operated public transportation service.
Moreover, the project is part of Mastercard’s “Smart Cities” initiative that aims to introduce urban mobility solutions that would transform the transport experiences in cities.
Furthermore, the initiative will introduce contactless and digital payments, integrated into the bus and ferry networks.
Speaking about the initiative, BML CEO and Managing Director comments “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.”
Meanwhile, Mr. Rajesh Mani, the Mastercard Country Manager to Sri Lanka and Maldives expressed joy over the initiative, noting that the project will see the implementation of open-loop Mastercard Transit Solutions.
Furthermore, Mr. Mani commented “through this program, Mastercard currently has simplified the daily commute over 150 cities around the globe and is proud to bring this wealth of experience to help the Government of Maldives realize its digitization strategies.”
In addition to this, MTCC CEO Mr. Adam Azim made emphasis on the latest initiative with BML and Mastercard.
He commented “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.”