South Africa’s Standard Bank has extended its inroads in technology with a new application that will automate travel payment, in collaboration with Gemalto, a world leader in digital security.
“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 bank said.
Standard Bank had earlier introduced the Muvo card in Durban to make transportation payment easier. Commuters can top up their card in over 30 sales point, which has seen over 100,000 users apply for the card.
With annual revenues averaging US$2.5 billion (2011), Gemalto makes security products that users can freely communicate, travel, shop, bank, entertain and work.
“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”.
Gabrielle Bugat, Senior Vice President at Gemalto, said: “This is a new era of card convergence with multiple services increasingly being combined on a single product that maximizes convenience for the end user.”
He promised that his company would assist the Standard Bank make financial services more accessible to the underserved population by using transport as a stepping-stone.