Context:
State Bank of India has launched its ‘Nation First Transit Card’, a RuPay prepaid instrument under the National Common Mobility Card (NCMC) that can be used nationwide.
Relevance:
GS III: Indian Economy
Dimensions of the Article:
- Nation First Transit Card
- About National Common Mobility Card (NCMC)
- What is a RuPay Card?
Nation First Transit Card
- Objective: Enhance customer commuting experience and simplify digital fare payments.
- Usages: Metro, buses, water ferries, parking, etc.
- Payment Options: Also applicable for retail and e-commerce transactions.
- Technology: Utilizes RuPay and National Common Mobility Card (NCMC) technology.
Nation First Transit Card Features:
- Streamlines customer commuting.
- Provides a unified digital ticketing solution.
- Enables seamless fare payments across various modes of transportation.
- Offers versatility with retail and e-commerce payment capabilities.
- Leverages RuPay and NCMC technology for secure transactions.
About National Common Mobility Card (NCMC):
- Usage of Debit Cards: NCMC allows bank customers to utilize their Debit Cards for travel on Metro Rail and enabled buses.
- Origin: NCMC was proposed by the Nandan Nilekani committee, established by the Reserve Bank of India (RBI).
- Government Initiative: It is an initiative of the Ministry of Housing and Urban Affairs in India, aiming to promote cashless transactions and provide a unified payment platform for commuters.
- Launch Date: NCMC was officially launched on March 4, 2019.
- Unified Transport Solution: It offers a unified contactless transport solution using the RuPay platform, developed by the National Payments Corporation of India (NPCI).
- Automatic Fare Collection: NCMC functions as an automatic fare collection system, potentially turning smartphones into versatile transport cards for Metro, bus, and suburban railway services.
What is a RuPay Card?
- Origin and Issuance: RuPay is an Indian domestic card scheme introduced and managed by the National Payments Corporation of India (NPCI).
- Affordability and Variants: RuPay cards are cost-effective and can be issued as credit cards, debit cards, and prepaid cards.
- Wide Acceptance: RuPay cards enable electronic payments at all Indian banks and financial institutions.
-Source: The Hindu
