On Friday, the Reserve Bank of India (RBI) announced its approval for banks and non-banking institutions to issue pre-paid instruments, enabling payments across diverse public transport systems.
This move aims to enhance payment options for commuters, offering alternatives to cash payments for tickets. The introduction of these instruments is expected to bring convenience, speed, affordability, and safety through digital payment modes for transit services, according to RBI's notification.
Highlighting the significant role of public transport systems in serving countless commuters daily nationwide, RBI emphasized the necessity for modernized payment methods in this sector.
Expressing appreciation for the decision, Bipin Preet Singh, Co-Founder and CEO of fintech firm MobiKwik, hailed it as a pivotal moment in the journey toward modernizing transit systems.
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