Passengers in public transport vehicles can now pay their travel fare using a prepaid card. Fintech International Pvt. Ltd. has launched a digital payment service allowing them to pay their travel fare electronically.
Fintech International started the digital payment service on Tuesday (November 19, 2024). Nepal Rastra Bank (NRB) governor Bam Bahadur Mishra inaugurated the ceremony that officially launched the service. On the occasion, Mishra added that the service would play a crucial role in the digital transformation of Nepal’s financial and public transport industries.
The facility lets passengers pay using their prepaid cards omitting the need to carry cash or even change to pay the fare.
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Pay travel fair in public transport on a prepaid card
“Public transport is a lifeline for many citizens and modernizing its payment system is a step towards convenience, transparency, and accountability,” Mishra said. He expressed confidence that this initiative by Fintech International will reduce the government’s cash dependency and promote digital payment systems in all sectors.
As per Amit Shrestha, Chief Executive Officer (CEO) of Fintech International, the card system has been introduced in the initial phase with Riddhi Siddhi Yatayat and Matsya Rajdhani Yatayat Pvt. Ltd. He said that there are plans to implement this system in about 1,000 buses of 17 committees in the future.
Shrestha shared that the card payment service will be sustainable and effective as the Bagmati Province Government has already issued the Electronic Fare Payment Regulations, 2078 BS and the Federal Capital Transport Authority has been formed on behalf of the federal government and work is progressing.
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Attempts to digitalize public transportation has been made by all three levels of governments- federal, provincial, and the local. Electronic ticket booking, bill issuance, etc. have been implemented before too. However, their effective and durable implementations remain a challenge. This electronic ticket payment, we hope, will turn out to be successful rather than a short-lived experiment.