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Showing posts with label PPI. Show all posts
Showing posts with label PPI. Show all posts

Thursday, 30 March 2017

08:07

Delhi Metro may introduce new features to its Payment System, as RBI issues Mass Transit Wallet (PPI)

Delhi Metro may introduce new features to its Payment System, as RBI issues Mass Transit Wallet (PPI)

NEW DELHI: Delhi Metro Rail Corporation (DMRC) may soon introduce some serious upgrades to the existing payment system used by the public transport corporation that maintains Delhi Metro. These new features are the result of new licenses issued by Reserve Bank of India.

RBI issued a license to DMRC to issue mass transit prepaid payment instrument (PPI). This comes right after RBI issued wallet license to the corporation that will enable it to run a full e-wallet system.

One interesting thing to note is that RBI issued the license back last month with validity up to 31 March 2022. DMRC may be working on laying out the groundwork for the new system in the meantime.

According to the report, the new prepaid instruments issued by the DMRC under the new license will allow the users to load Rs 2,000 in their wallets with a minimum validity for up to six months from the date of the recharge.

Despite all the good that this new system is trying to achieve, some things like the inability to cash-out or refund the wallets works against the commuters. This comes weeks after the decision that Delhi Metro commuters can no longer get refund on its Smartcards.

However, the most interesting usage scenario highlighted by the company comprises of using the Delhi Metro e-wallet to buy food at the restaurants or stalls in the metro stations. One thing to note is that there is no official statement by DMRC or Government of Delhi about the new system at the time of writing.

Source:RailNews
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Friday, 10 July 2015

21:18

RBI allows Mass Transit Operators to issue their Pre-paid Cards

RBI allows Mass Transit Operators to issue their Pre-paid Cards

Mass Transit System operators such as Indian Railways, Mumbai Metro, Delhi Metro, Indian Railways and even local buses can now issue their pre-paid cards

Mumbai: Mass Transit System operators such as Mumbai Metro, Delhi Metro, Indian Railways and even local buses can now issue their pre-paid cards- a move that will provide ease to the commuters.

On Thursday, the Reserve Bank of India (RBI) said that mass transit system operators (MTS) has now issue a pre-paid cards wherein a customer stocks some money that can be swiped on machines instead of standing in long queues to purchase travel tickets. As of now, some of the MTS have issued pre-paid cards in partnership with banks.

The RBI has said that the balance in the card issued by PPI- MTS should not exceed Rs.2000 at any point of time. Also, MTS would not be allowed to refunds cash that is stocked in the PPI. The card should have a minimum validity of six months from the date of issue. The pre-paid cards can be used at other merchants whose activities are allied to or activities that within the premises of the transit system.

The regulator had received requests from various segments, including providers of mass transit services, such as, metro train and road transport services, indicating the need for PPIs catering to the requirements of this segment to enhance commuter convenience.

RBI said that the move to allow MTS to issue their own cards was to encourage electronic payments. “In the process of moving from cash based payments to electronic payments, the migration of micro and small value cash payments can play a significant role in achieving the vision of less-cash society. One such area where a large number of small value cash payments take place relates to mass transit systems,” RBI said issuing the new norms.

The RBI said that pre-paid payment instruments (PPI) by MTS operators will be a new category of semi-closed PPI which will have to be authorised under Payment and Settlement Systems Act, 2007. As of now only few banks like State Bank of India (SBI) and ICICI Bank which has issued contactless card in tie-up with MTS operators.
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