Bank of Maldives (BML) Monday signed a Memorandum of Understanding (MOU) with Mastercard and Maldives Transport and Construction Company (MTCC) to implement an integrated transport management and automatic fare collection system for the public transport service operated by MTCC in the Maldives.
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.
Commenting on the project, Bank of Maldives CEO and Managing Director, Tim Sawyer said investing in innovative solutions that offer simplicity and convenience while meeting the changing customer expectations remains an important part of BML's business. He said that the bank is delighted to partner with Mastercard and MTCC to implement the project which would see the bank's digital card and mobile payment solutions enabled for the public transport sector.
Rajesh Mani, Country Manager, Sri Lanka & Maldives, Mastercard said Mastercard is very happy to once again join hands with the Government of Maldives. The implementation of Mastercard's open-loop Mastercard Transit Solutions system which will bring about significant fiscal savings, while offering unparalleled convenience to commuters, he said. He further noted that Mastercard currently has simplified the daily commute in over 150 cities around the globe through the program, and said they are proud to bring their wealth of experience to help the Government of Maldives realise its digitization strategies.