Gemalto , one of the leaders in digital security, is providing Standard Bank, a financial institutions in South Africa, with a multifunction EMV contactless payment card enabling users to pay for transit fares and other goods and services with one digital wallet.
Standard Bank customers can now use the new MasterCard® debit card to wave and pay directly at the gates in the public transport stations, without needing to carry cash or a separate travel card. The “Muvo” card initiative will help cardholders gain greater convenience while at the same time provide competitive advantages to Standard Bank and reduce the burden of managing cash on public transportation in the city of Durban.
“The new card showcases the innovative value we strive to offer our customers by integrating the transit ticket inside a banking card – secured with bank-strength security – along with a payment wallet,” commented Mike Hughes, business development manager of beyond payments, Standard Bank’s innovation and new business division.
“We are looking to extend EMV contactless payments to a number of different market sectors including events, schools and university campuses, as well as toll roads and other players in the transport sector.”
The partnership has already resulted in the provision of more than 100,000 cards for the Ethekwini Municipality, which is looking to dramatically improve ticketless payments for its public transport system in the coastal city of Durban. Commuters can load funds into their cards at around 30 sales points throughout the city.
The ‘Muvo’ card complies with the exacting requirements of the National Department of Transport (NDoT), which mandates the combination of payment and transport in one single application. It can also be customised to reflect the profile of individual public transport users, enabling NDoT to adapt its fares accordingly.
The “Muvo” card adds value for existing account holders, and offers considerable potential to acquire new customers. These will include many who previously have been excluded from mainstream banking.
Furthermore, by eliminating the need for cash on public buses, security will be considerably enhanced. Queuing and disruption to travel schedules will also be reduced, as travellers and staff no longer have to fumble for change.
Gemalto provides data preparation and personalisation services associated to the “Muvo” card, as part of the on-going service delivered to Standard Bank for its portfolio of debit and credit cards.