Mastercard Cardholders will be the First in Asia to Use their Contactless Cards
to Pay for Trains and Bus Journeys under Account-Based Ticketing System
The Land Transport Authority (LTA) and Mastercard have signed a partnership agreement to launch an Account-Based Ticketing System pilot by the end of this year. The pilot will give registered Mastercard cardholders the convenience of tapping their existing contactless credit and debit cards to pay for train and bus journeys, eliminating the need for a separate transit card and fare top-ups. LTA and Mastercard aim to attract at least 100,000 users for the pilot.
2. The new initiative ties in with one of the key pillars of Singapore’s Smart Nation vision – Smart Mobility, and taps on digital payments technology to provide commuters with a more convenient way to pay for public transit, as well as an enhanced travel experience.
3. LTA announced in March that it will be piloting the Account-Based Ticketing System, which will enable commuters to use their contactless debit or credit cards for public transit and have their transactions billed on their debit or credit card, similar to a post-paid mobile phone bill. LTA is also working on enabling mobile phones for contactless use on public transit. In addition, this new system will allow commuters to track their journey and fare history via a mobile app or web portal.
4. The collaboration is part of Mastercard’s smart cities initiative to use innovation, technology and data analytics to transform the consumer experience and deliver solutions that address the challenges cities face, building smart cities that are more connected and sustainable.
5. Mr Chew Men Leong, Chief Executive of LTA, said “We are pleased to partner Mastercard as we work towards piloting this new fare payment system in Singapore. Through this public-private partnership, we look forward to the start of the pilot at the end of this year, when commuters in Singapore can be one of the first in Asia to experience this additional fare payment option. With this new option, they will be able to do away with the hassle of topping up their fare cards.”
6. Ms Deborah Heng, group head and general manager, Mastercard Singapore commented, “This collaboration with the LTA marks an important milestone for Mastercard as we take a big step towards our vision of building a cashless society by embedding digital payments and reducing the overall reliance on cash to make travel more inclusive.”
7. “As the contactless payments space continues to evolve, consumers will have different options to tap and pay securely at transit points, from their Mastercard contactless cards to mobiles phones and even wristbands and watches. With Singapore’s digitally savvy population, we are confident that the integration of Mastercard contactless payments in transit will resonate well with commuters.” she added.
8. More details of the pilot will be announced at a later date.
About the Land Transport Authority (LTA)
The Land Transport Authority (LTA) is a statutory board under the Ministry of Transport. LTA plans the long-term transport needs of and spearheads land transport developments in Singapore. While serving commuters by providing an integrated and user-friendly transport system, LTA addresses wider issues such as sustainable development, economic growth, and community life. LTA looks forward to working with leading companies to develop innovative transport solutions, and making Singapore's transport system more convenient, more seamless, and more people-centred.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.