Fino Payments Bank launches contactless payments for mass transport

Our Bureau Mumbai | Updated on September 25, 2020 Published on September 25, 2020

Fino Payments Bank along with fintech partners has introduced NFC-based contactless payments solution for mass transit systems, especially state bus transport services in India.

“Buses run by state road transport corporations are the most preferred means of travel for majority of people in rural and semi-urban areas where cash is used to purchase tickets.

Fino, which has over 80 per cent of its banking network of 2.75 lakh points in villages, aims to tap the opportunity to digitise cash used in mass transit systems,” it said in a statement.

The move comes amidst the ongoing Covid-19 pandemic when contactless payment methods are being preferred by customers to maintain social distancing and prevent spread of infection.

“Fino’s NFC-based prepaid smart card ecosystem facilitates contactless or tap-and-go payments enabling cashless ticketing,” it said, adding that it can also be used offline for fare collection.

“We are already working with Maharashtra’s SRTC and are keen to extend the benefits of our contactless payments solution to other state transport corporations as well,” said Ashish Ahuja, COO, Fino Payments Bank.

Fino has already issued over 30 lakh NFC-enabled smart cards that are accepted across 20,000 Maharashtra State Road Transport Corporation buses. It has partnered with fintech firms such as City Cash for developing the contactless payments solution for mass transit systems.

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Published on September 25, 2020
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