Oberthur Technologies has partnered with Axis Bank to launch a new contactless commuter solution in Bengaluru. The technology will enable open loop EMV smart cards that can be used at transport terminals through India’s third-most populous city. Axis Bank is the first in the country to investigate the use of contactless cards for commuters and transport users.

Cards will be provided by Oberthur Technologies and will have multiple service compartments so that consumer can use the card at multiple chains and methods of transport, including retail, transit, toll and parking costs. “We are delighted to partner with Axis Bank who took the lead to launch the first RuPay open loop EMV contactless smart card,” says Eric Duforest, Managing Director of Financial Services Institutions at Oberthur Technologies. “Thanks to our collaboration with Axis Bank, this new payment platform will enable millions of end-users to enjoy convenience of payment in public transportation. It could change the future of payments in the country and OT is thrilled to be part of this technological success.”

Sangram Singh, Head of Cards and Merchant Acquiring at Axis Bank, adds: “We believe that the Axis Bank BMTC Smart card program in Bengaluru will lead the way towards implementation of many more open loop EMV contactless payment initiatives in India. This model offers unparalleled convenience of one card for multiple payment needs making this the most preferred option. We are happy to further deepen our relationship with OT by partnering with them for this pilot in Bengaluru. OT’s expertise and leadership in the payment card industry as well as their experience in digital security is a very valuable capability for the partnership.”

Axis Bank was also one of two Indian banks to sign up for SWIFT’s global payments innovation initiative.

By Alex Hamilton

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com