Contactless Payment Solution for Mass Transport-Fino Payments Bank & Fintech Partners

Published on September 27, 2020
Current Context: The NFC (Near Field Communication) based Contactless Payment Solution for Mass Transit System is introduced by Fino Payments Bank Ltd and Fintech Partners.
Contactless Payment Solution for Mass Transport-Fino Payments Bank & Fintech Partners
  • The NFC based Contactless Payment Solution for mass transportation will be worthy for state bus transport during this pandemic situation where social-distancing ad minimum contact is important to avoid the spread of the virus. 
  • The NFC based prepaid smart card system provides contactless or tap-and-go payments enabling the cashless ticket system and also promotes digital cash usage.
  • This solution can be used offline for ticket collection and customers can recharge their smart card in online as well as in offline mode. 
  • Currently, the system is utilised in Maharashtra’s State Road Transport Corporation (SRTC) and will be extended to other states as well.
  • To develop this contactless payment solution, Fino Payments Bank Ltd partnered with Fintech Partners like City Cash. 
  • Static Part: 
    • HQ of Fino Payments Bank Ltd: Mumbai
    • MD and CEO of Fino Payments Bank Ltd: Rishi Gupta

Question: 

Q.1 Who among the following developed NFC based Contactless Payment Solution for Mass Transit System? 
a. Fino Payments Bank Ltd
b. Union Bank of India
c. Federal Bank
d. Bandhan Bank

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