SBI Unveils Nation First Transit Card For Digital Fare Payments: State Bank of India (SBI), the country’s largest lender, has taken a significant step in enhancing the commuting experience and promoting digital payment adoption with the launch of the ‘Nation First Transit Card.’ This unique card is meant to provide seamless and convenient consumer commuting experiences by allowing easy digital ticketing fare payments across many modes of transport, including metro, buses, water ferries, parking and more, all with a single card. Additionally, the card can also be used for making retail and e-commerce payments.
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The Vision Behind the Nation First Transit Card
Dinesh Kumar Khara, Chairman of SBI, emphasized that the Nation First Transit Card, powered by RuPay and National Common Mobility Card (NCMC) technology, has the potential to revolutionize the commuting experience for millions of Indians. The card is not just a financial tool but also a symbol of SBI’s commitment to the growth and development of the nation.
SBI’s NCMC Feature:
- The NCMC function enables SBI customers to use their Debit Cards as travel cards on Metro Rail and Buses wherever this service is available.
- The concept of NCMC was proposed by the Nandan Nilekani committee, which was commissioned by the Reserve Bank of India (RBI).
- NCMC is a project supported by India’s Ministry of Housing and Urban Affairs that aims to promote cashless transactions and provide commuters with a uniform payment platform. On March 4, 2019, this programme was formally launched.
- Operating on the RuPay platform, developed by the National Payments Corporation of India (NPCI), NCMC offers a comprehensive contactless transport solution.
- NCMC serves as an automated fare collection system, transforming smartphones into an interoperable transport card that commuters can eventually use to make payments for Metro, bus, and suburban railway services.
Expanding Access with NCMC Technology
SBI’s efforts to modernize and simplify commuting experiences don’t stop with the Nation First Transit Card. The bank is also working on implementing NCMC-based ticketing solutions in various metro systems across the country. Notably, SBI is nearing completion of NCMC ticketing systems in the MMRC Metro Line 3 and the Agra Metro, assuring that these services will be available to the public very soon. These initiatives will further streamline public transportation and digital payment systems.