SBI partners with MMRDA pioneering the digitization of transit systems in metros and tolls across the country.
SBI, the country’s largest lender, has partnered with MMRDA for providing NCMC based ticketing solution for the recently commissioned Mumbai metro lines 2A and 7. Issuance of “Mumbai1” card to the commuters commenced from 4:00 PM on 20/01/2023. Earlier the Mumbai Metro Card “Mumbai1” was launched by the Hon’ble Prime Minister Shri Narendra Modi along with inauguration of the MMRDA line 2A and 7 on 19th January 2023. SBI is the exclusive issuer of NCMC cards on MMRDA lines 2A and 7. The Acquiring solution will be provided through SBI Payments, the merchant acquiring subsidiary of SBI. It will facilitate seamless commuting experience through an array of digital payments including NCMC (National Common Mobility Card), QR and POS. It is expected that about ten lac commuters will opt for the card as this would make their daily commuting much convenient. MMRDA has announced 5% discount on the fare for “Mumbai1” card holders.
By implementing the acquiring infrastructure compliant with National Common Mobility Card (NCMC) guidelines, the transit system provides an efficient interoperability facilitating digital payments for metro tickets, retail, parking etc. through a single card.
In line with its continuous and uninterrupted focus on innovation and customer centricity, SBI has partnered with transit operators since 2019 for NCMC initiatives. Under NCMC programs, SBI has successfully implemented projects with Noida Metro Rail Corporation (NMRC) Ltd. under the name “City1 card” and with Maharashtra Metro Rail Corporation Limited (MMRCL) for the “Nagpur Metro MAHA Card”. SBI is implementing NCMC based ticketing solution at Kanpur Metro & Chennai Metro also, which is at an advanced stage of execution and would be available for public very soon.
Mr. Dinesh Khara, Chairman, State Bank of India, stated, “The partnership between SBI and MMRDA will improve the customer experience and is aligned to the national vision of “One Nation One Card”. In the present scenario, handling of low value – high volume ticketing transactions is a big challenge for any public transport operator. SBI has specialization and experience in managing the digital ticketing by bringing innovative digital payment solutions and has transformed the transit payment landscape. Its forward-looking transit offerings are enabling a whole new experience for users while furthering the agenda of Digital India. These initiatives have been in tandem with SBI’s commitment to promoting sustainable and user-friendly banking services.”
State Bank of India is a key player in the Digital Payments space and strives to constantly innovate and strengthen the digital payments reach and infrastructure in the country. The valuable partnership with MMRDA will open new doors for NCMC based digital ticketing solution and to extend the services to the upcoming metro lines in Mumbai. With this experience, SBI is also looking forward to implement NCMC based ticketing solutions in State Road Transport buses. As the leading Bank in the country, SBI is committed to the Government’s Digital India initiative to transform India into a digital first society through secure and innovative digital payment services.
SBI is also providing FASTag services as an Issuer and Toll acquiring solutions provider, through its subsidiary, using FASTag infrastructure across more than 30 state highways in the country including a super communication greenfield expressway.
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. SBI has 22,309 branches and 65,796 ATMs / ADWMs in India with 66,757 BC outlets. As on September 30, 2022, the bank has a deposit base of over Rs. 41.90 lakh crore and advances of more than Rs. 30 lakh crore. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. SBI commands a market share of 32.9% and 19.2% in home loans and auto loans respectively. The number of customers using internet banking and mobile banking stand at 107 million and 54 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,200 new digital savings bank accounts being opened per day via YONO in the quarter ended September 2022. YONO, which has 5.44 crore registered users, witnessed 72.75 lakh customer visiting YONO Shop & Order in Q2 FY23. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
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