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Rediff.com  » Business » Making payments for bus, train rides will be easier

Making payments for bus, train rides will be easier

Source: PTI
February 23, 2024 22:58 IST
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Reserve Bank of India (RBI) on Friday permitted banks and non-banking institutions to issue pre-paid instruments for making payments across various public transport systems.

Train

Photograph: Hemanshi Kamani/Reuters

With the introduction of these instruments, commuters will have more options to pay for tickets besides cash mode.

 

The instruments will provide convenience, speed, affordability and safety of digital modes of payment to commuters for transit services, RBI said in a notification.

Public transport systems across the country cater to a multitude of commuters on a daily basis, it added.

Welcoming the decision, fintech MobiKwik's co-founder and CEO Bipin Preet Singh said, "this marks a pivotal moment in our journey towards modernising transit systems".

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Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 
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