Visa, which is a global card payment network has now launched the specification for the National Common Mobility Cards on its network as convinced by the Government of India.
The National Common Mobility Cards has been designed as an ‘open loop card’ to allow consumers to swipe them for all the sorts of the transaction which is much more right from transit to toll and even for the payments of the merchants.
While on the other hand first card specifications were launched by the RuPay, which is a domestic card scheme run by the National Payments Corporation of India, the government has made the specifications open for the other card networks to participate as well.
“With the transit sector expected to expand with numerous upcoming metro and smart city projects, NCMC contactless cards will trigger rapid adoption of digital payments across transit use cases,” said TR Ramachandran, group country manager, India, and South Asia, Visa.
Apart from being having the cost-effective, the card payment processes have also been designed in a way to reduce the friction for the transit payments, revealed the Ramachandran. Visa also offers the account based on the ticketing model in the multiple metros across the globe, which enables the commuters to use the same cards of contactless for the transactions which they used for the merchant payments.
Picture Credits: visa