Axis Bank Ltd.

Axis Bank, India’s third largest private sector bank has associated with Bengaluru Metropolitan Transport Corporation (BMTC) to launch ‘Axis Bank BMTC Smart card’, India’s first ever open loop EMV contactless smart card that would make travel by bus, a convenient and hassle free experience for the daily commuters in Bengaluru. This initiative is in support of Ministry of Urban Development’s vision to address the need of Common Mobility Card.

Axis Bank BMTC Smart Card is India’s first prepaid transit card offering integrated single wallet that supports both EMV wallet and transit functions. The card offers integrated services to the commuters by offering them cashless bus travel; and also offers shopping experience at about 1.2 million merchant outlets across the country, and therefore, no hassle of carrying multiple cards.

Axis Bank has partnered with National Payments Corporation of India (NPCI) for this project for developing the transit EMV contactless specification on interoperable open standards. These specifications can be used by any other transit operator (Metro/Cabs/Auto) by incorporating these standards with their existing fare collection systems. This will make it more convenient for the commuters, as it would allow them to use the same card for purchasing tickets/passes & for all other daily purchase transactions.

The bank has posted a marginal fall of 1.21% in its net profit at Rs 2154.28 crore for the quarter ended March 31, 2016 as compared to Rs 2180.59 crore for the same quarter in the previous year. However, total income of the bank has increased by 9.76% at Rs 13592.97 crore for quarter under review as compared to Rs 12384.39 crore for the quarter ended March 31, 2015.