Fino Payments Bank has developed an NFC-based contactless payment solution for mass transit systems, especially state transport bus services. The bank has tied up with a consortium of fintech for this purpose. The bank said the prepaid smart card ecosystem facilitates contactless or tap and go payments enabling cashless ticketing. The contactless and cashless mechanism helps maintain social distance protocol and avoids the risk of cash-led transmission of the coronavirus. Ashish Ahuja, COO of the bank, said the bespoke solution developed along with fintech partners helps transport operators convert their existing ticketing hardware infrastructure into NFC compatible with minimal incremental investment. The bank, he said is already working with the Maharashtra State Road Transport Corporation and is keen to extend the benefits of the solution to other state transport corporations as well. The solution can also be used offline for fare collection, which is beneficial in locations having connectivity issues. The bank has already issued more than 3 million NFC-enabled smart cards that are accepted across 20,000 MSRTC buses.
