Bank of Maldives has announced a collaboration with Mastercard to implement its proprietary integrated transit solution towards the vision of the Government of Maldives.
BML states that, through this collaboration with the bank and Maldives Transport and Contracting Company (MTCC), Mastercard will be the exclusive payment network of Transit Cards in Maldives for Raaje Transport Link (RTL).
The bank added that Mastercard will also enable all other networks accepted by BML to make transit related payments.
BML states that utilizing open loop technology, the need for commuters to carry multiple cards to transact and travel will no longer be required as one card will do it all. As such, the bank noted that no additional infrastructure is required to top up these cards, and highlights that no additional cost will be incurred by consumers, resulting in enhanced commuter satisfaction.
Additionally the open loop system will also serve as a method to provide real time data to authorities on passenger numbers and other key performance indicators while optimizing the public transport system, states BML.
BML states that during the first phase of the project launched recently, 14 islands within the Haa Dhaalu Atoll were connected to the open loop technology. The bank noted that as the connectivity progresses to completion, a total of 41 islands will be connected through this transit solution.
BML disclosed that the open loop technology will be expanded to include bus and ferry services in the area of Malé and Hulhumale which accounts for majority of passenger movement in the country in the next phase.
Commenting on the partnership, CEO of Maldives Transport and Contracting Company, Adam Azim stated that MTCC has learnt about the importance of innovative and contactless payment methods, their effects on the quality of life of our people, and the added ease in staying on top of our passenger movements, over the years.
He stated that given these benefits, MTCC pioneered the movement to do away with cash and switch to cashless and contactless payment options, in line with Mastercard’s and the Government’s vision of turning Malé into a Smart City. MD Azim stated that he is confident that use of the very latest open loop technology will make this a reality.
The MD also expressed his gratitude to the company's service provider, SC Soft Pte. Ltd who have assisted in executing this project.
Additionally, the CEO of Bank of Maldives, Tim Sawyer stated that the bank is pleased to build on their partnership with Mastercard to introduce the country’s first open loop transit card for MTCC’s public transport network. Sawyer stated that the payments landscape continues to evolve rapidly with tremendous growth in the adoption of contactless payments.
Moreover, Sawyer stated that BML continue to seek out digital solutions and innovations to provide customers with the convenience they expect, as the largest bank in the country. He noted that BML, together with Mastercard and MTCC, look forward to the successful implementation of this technology across the country.”
The Country Manager of Mastercard to Sri Lanka and Maldives, Sandun Hapugoda stated that the company is delighted and honored to contribute towards the vision of MTCC to deliver world-class solutions to the people of Maldives.
Noting that Mastercard has been working towards simplifying daily commuting in over 150 cities around the globe, Sandun highlighted that the company is proud to bring this wealth of experience to upgrade Maldives transit movements. He also highlighted that implementing the open-loop Mastercard Transit Solutions will also help in achieving the socio-economic goals of the country, as it offers unparalleled convenience to commuters.
Being the largest bank in the country, BML has established a trailblazing reputation of launching and introducing new technology to the country. The open loop transit card system is yet another innovation that BML seeks to introduce through partnerships with companies such as Mastercard.
