Yahoo Finance Mastercard (MA) Collaborates to Digitize Maldives' Transit System
Mastercard Incorporated MA recently launched a multi-model, open-loop transit payment and digital ticketing system across South Asia. For complementing this move, the tech giant has collaborated with Maldives Transport & Contracting Company ("MTCC") and Bank of Maldives ("BML").
The innovative solution has been devised with the help of MA’s technology, Mastercard Payment Gateway Services, and thereby, will enable seamless digital payments throughout the public transport network of Maldives.
All a commuter in the country needs to do is place a debit or credit card on the ticketing device of a bus or ferry terminal and subsequently, make seamless payments for their journey. The new solution also enables passengers to purchase online tickets in advance through the Raajje Transport Link (“RTL”) mobile app. Additionally, the launch also remains equipped to help commuters without a credit or debit card. All they need to do is claim an RTL-Mastercard co-branded prepaid card.
In addition to benefiting the country’s residents, the transit solution is expected to be of great help to overseas tourists visiting Maldives as well. The visitors can enjoy a hassle-free journey with their credit or debit cards, and thereby, do away with the hassles of currency exchange.
The recent launch reinforces Mastercard’s sincere efforts to extend modernized payment solutions in order to boost the uptake of digital payments across the globe. And this time, the focus of MA remains to simplify a commuter’s journey and infuse digitization within the transit system of Maldives.
Mastercard has often partnered with government and private sector entities of different countries in order to complement the abovementioned endeavor. As an example of the same, MA took the help of LMK Resources Pakistan (Private) Limited for rolling out an open-loop payment solution to digitize the transit system of the country.
In this manner, an enhanced digital suite of Mastercard, built through constant tie-ups and significant investments, is likely to help in establishing a solid presence across the globe.
The rollout of the open-loop payment system is also aptly timed owing to its several benefits over cash usage or closed-loop payments. In such time-consuming payment systems, fare cards need to be loaded with a prepaid amount, which have to be refilled as soon as it gets exhausted. But open-loop payments are hassle-free in nature as they remain connected to the existing accounts or the daily payment products of the consumers.
Shares of Mastercard have gained 19.1% in a year, compared with the industry’s 10.3% growth. MA currently carries a Zacks Rank #3 (Hold).
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