Kochi Metro to sign MoU with NPCI for smart card

The Kochi Metro Rail Limited (KMRL) will sign a memorandum of understanding (MoU) with the National Payment Corporation of India (NPCI) here tomorrow as the first step to introduction of a common mobility card for the Greater Kochi area.

This will enable the use of NPCI’s RuPay specifications for cards and terminals and other payment modes for the smart card that KMRL is going to launch for transit, a press release from KMRL said here today.

Mr A.P. Hota, the Managing Director and Chief Executive Officer of National Payments Corporation of India Limited and Mr Elias George, Managing Director, Kochi Metro Rail Limited will sign the MoU at a function to be held at KMRL office here tomorrow, it said.

NPCI is the umbrella organization of all retail payment systems in India and is set up by the banks in India with the support and guidance from Indian Banks’ Association. The organization has been mandated to build central infrastructure for payment systems like ATM Switching, Mobile Payments, Cheque Truncation System, POS Switching, 24 X 7 remittance system and Financial Inclusion transactions. The organisation has also a mandate to build a domestic card payment scheme.

KMRL is planning to set up ticketing and Automatic Fare Collection System (AFCS) which is not only modern and world class but also cost effective in the long run.  Towards this end, KMRL, under the proposed Unified Metropolitan Transport Authority (UMTA) is developing a one-fare payment instrument for all modes of public transport, which will be of great benefit for commuters. 

The release said that even greater benefit would be derived if this payment instrument could be utilized ubiquitously to make payments in the commercial retail environment of the country. 

"Current technological advances in the banking and payments industry will present unique opportunities to achieve this. The tie up with NPCI will help KMRL to achieve this goal. This unique partnership between KMRL and NPCI has the potential to transform the electronic payment industry and Kochi city could well provide stage for this transformation," the release added.

NNN