The deal will help SBI in utilising FSS’s prepaid digital solution and issue Tap and Pay (contact and contactless) cards, with the basic card issuance platform.
With this tie-up, the issued cards would include functionalities such as registration, verification, card issuance, top-up of funds into prepaid wallet, card lifecycle management, reconciliation and reporting.
This venture is said to be a significant step for the Indian consumers. Till now, transit providers used to install proprietary card acceptance solution that worked with its systems.
But this has been leading to fragmentation and hence limited the adoption of digital payments in India. This has hindered the growth of digital payments in India.
SBI’s partnership with FSS will help in creation of a National Common Mobility Card programme is a step towards “One Nation, One Card”.