Bank of Maldives has Partnered with Mastercard to Issue Transit Cards exclusively in Maldives!

Bank of Maldives (BML) has announced a partnership with Mastercard to implement its proprietary integrated transit solution in support of the Maldives government's vision. Mastercard will be the exclusive payment network for Transit Cards in Maldives for Raaje Transport Link (RTL) thanks to this collaboration with BML and Maldives Transport and Contracting Company (MTCC), the Maldivian Government's largest multimodal transport operator. All other networks accepted by BML will also be able to make transit-related payments using Mastercard.
 
“We are pleased to build on our partnership with Mastercard to introduce the country’s first open loop transit card for MTCC’s public transport network. The payments landscape continues to evolve rapidly with tremendous growth in the adoption of contactless payments. As the largest bank in the country, we continue to seek out digital solutions and innovations to provide customers with the convenience they expect. Together with Mastercard and MTCC, we look forward to the successful implementation of this technology across the country.” Expressing his thoughts is the CEO of BML, Mr. Tim Sawyer.
 
Commuters will no longer need to carry multiple cards to transact and travel because open loop technology will allow them to do so with just one card. Consumers will incur no additional costs because no additional infrastructure is required to top up these cards, resulting in increased commuter satisfaction. While optimizing the public transportation system, the open loop system will also serve as a method of providing real-time data to authorities on passenger numbers and other key performance indicators.
 
“Over the years, we have learnt about the importance of innovative and contactless payment methods, their effects on the quality of life of our people, and the added ease in staying on top of our passenger movements. Given these benefits, MTCC pioneered the movement to do away with cash and switch to cashless and contactless payment options, in line with Mastercard’s and the Government’s vision of turning Malé into a Smart City, I am confident that use of the very latest open loop technology will make this a reality. We are also grateful to our service provider, SC Soft Pte. Ltd who have assisted us in executing this project.” Sharing his gratitude over the collaboration is the CEO of MTCC, Mr. Adam Azim.
 
14 islands in the Haa Dhaalu Atoll were connected to the open loop technology during the project's first phase, which was recently completed. As the connectivity project nears completion, this transit solution will connect a total of 41 islands. The open loop technology will be extended in the next phase to include bus and ferry services in the Malé and Hulhumale areas, which account for the majority of passenger movement in the country.
 
“Mastercard is delighted to partner with MTCC and honored to contribute towards the vision of MTCC to deliver world-class solutions to the people of Maldives. Mastercard has been working towards simplifying daily commuting in over 150 cities around the globe and we are proud to bring this wealth of experience to upgrade Maldives transit. In addition to offering unparalleled convenience to commuters, implementing the open-loop Mastercard Transit Solutions will also help in achieving the socio-economic goals of the country.” Sharing his insights is the Country Manager of Sri Lanka & Maldives at Mastercard, Mr. Sandun Hapugoda.