Bank of Maldives Collaborates with Mastercard to Exclusively Issue Transit Cards in Maldives

Bank of Maldives announced a collaboration with Mastercard to implement its proprietary integrated transit solution towards the vision of the Government of Maldives. Through this collaboration with the Bank of Maldives (BML) and Maldives Transport and Contracting Company (MTCC) which is the Maldivian Government’s largest multimodal transport operator, Mastercard will be the exclusive payment network of Transit Cards in Maldives for Raaje Transport Link (RTL). Mastercard will also enable all other networks accepted by BML to make transit related payments.

Utilizing open loop technology, the need for commuters to carry multiple cards to transact and travel will no longer be required as one card will do it all. As no additional infrastructure is required to top up these cards, no additional cost will be incurred by consumers, resulting in enhanced commuter satisfaction. The open loop system will also serve as a method to provide real time data to authorities on passenger numbers and other key performance indicators while optimizing the public transport system.

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During the first phase of the project launched recently, 14 islands within the Haa Dhaalu Atoll were connected to the open loop technology. As the connectivity progresses to completion, a total of 41 islands will be connected through this transit solution. In the next phase, the open loop technology will be expanded to include bus and ferry services in the area of Malé and Hulhumale which accounts for majority of passenger movement in the country.

Commenting on the partnership, CEO of Maldives Transport and Contracting Company, Adam Azim said “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.”

The CEO of Bank of Maldives, Tim Sawyer added, “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.”

​“Mastercard is delighted to partner with MTCC and honoured 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.” said Sandun Hapugoda, Country Manager, Sri Lanka & Maldives, Mastercard.

Being the largest bank in the country, BML has established a trailblazing reputation of launching and introducing new technology to the country. The open loop transit card system is yet another innovation that BML seeks to introduce through partnerships with companies such as Mastercard.

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