Standard Bank Launches a Multi-application Contactless Card
- The South African bank, Standard Bank introduces the world's first multi-function payment card, featuring contactless transportation tickets valid for use across the entire National Department of Transport network. The Muvo card is currently being tested by a thousand or so bus passengers in the city of Durban.
- Muvo is a contactless smart card featuring MasterCard‘s PayPass technology. What makes this card different is that it is associated with a prepaid account that can be used both to purchase transport tickets and goods in a number of partner retail outlets.
- Users can load their transport tickets onto their Muvo card at specially equipped ticket kiosks around the city. To validate their ticket, they simply wave their card in front of a reader when boarding one of the 23 buses that have already been equipped.
Source: Press release
- This initiative was developed by the Beyond Payment incubator, Standard Bank's innovation division. This new example is a further reminder of how contactless technology can impact the card industry and lead to the development of multi-purpose means of payment.
- Standard Bank announced key development objectives for its new means of payment and has initial plans to equip approximately 55,000 public transport users in the Durban region.
- In France, a similar concept was launched in November 2011 by the Caisse d’Epargne Bank in the city of Reims with its Citevia card. The card can be used on public transport (as a ticket) or as a “traditional” means of payment (contactless smart card). The difference is that it is not linked to a prepaid account which would enable users to make purchases anywhere.