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Payments General

Axis Bank, Cardtek launch open-loop payment system in India

Thursday 13 July 2017 | 08:49 AM CET

Cardtek has announced that it has supported Axis Bank to launch a national open-loop payment system for public transportation in India.

The new payment solution is certified by RuPay, the national smart card based payment standard in India, and will integrate the banking systems, providing a payment platform that offers residents the ability to pay for goods and services, including public transportation, using either account-based or card-based open loop transit transactions. Thus, Cardtek becomes a new vendor providing RuPay Level 2 Kernel certification in India.

The solution, “Axis Bank RuPay Contactless Transportation Card,” was initially rolled out in Bangalore, the third most populated city in India, and now it will be launched in Kochi, one of the country’s most popular tourist destinations. The smart bankcards, which are customizable with names and pictures of users, will enable consumers to make transactions via the bank’s ATMs, vendors, the Internet or mobile applications. The open-loop solution will allow for payments of all mass transportation, including subways and bus systems, along with over 1.2 million merchant outlets around the country.

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