Oberthur Technologies (OT), an embedded security software products and services company, announced on Monday (Aug. 1) a partnership with India’s third-largest bank, Axis Bank, to offer the first open-loop EMV contactless smart cards. The cards will be used for public transportation in Bengaluru, the third most populous city in India.
In a press release, the companies said that, with the open-loop smart card issued by Axis Bank, customers will be able to tap and pay instead of purchasing a ticket every time they use transportation in the city. The EMV contactless smarts cards are based on RuPay, the Indian card scheme launched by the National Payments Corporation of India. OT is providing the contactless EMV smart cards, which are designed to accommodate multiple retail, transit, toll and parking chains. That means customers will only have to worry about one single card for different payment needs.
“We are delighted to partner with Axis Bank, who took the lead to launch the first RuPay open-loop EMV contactless smart card. Thanks to our collaboration with Axis Bank, this new payment platform will enable millions of end users to enjoy convenience of payment in public transportation. It could change the future of payments in the country, and OT is thrilled to be part of this technological success,” said Eric Duforest, managing director of the Financial Services Institutions at OT, in the press release.
Axis Bank said the smart card developed with OT and being used in Bengaluru will lead the march toward more implementations of open-loop EMV contactless payment initiatives in India. Sangram Singh, head of cards and merchant acquiring business at Axis Bank, said the model “offers unparalleled convenience of one card for multiple payment needs, making this the most preferred option. OT’s expertise and leadership in the payment card industry, as well as their experience in digital security, is a very valuable capability for the partnership.”