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Transit operators to issue prepaid mobility cards

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The Reserve Bank of India (RBI) has issued final guidelines on mobility cards that will allow people to travel in buses, metros and taxis without cash. This semi- closed prepaid payment instruments (PPIs) will be issued by mass transit operators ( such as metro or road transport) and will have a minimum validity of six months. The maximum amount that can be loaded on the card is Rs.2,000.
The regulator said the rationale behind introducing these cards was to reduce the amount of cash in the economy and to gradually move towards acashless society. “ In the process of moving from cashbased payments to electronic payments, the migration of micro and small value cash payments can play a significant role in achieving the vision of less- cash society. One such area where a large number of small- value cash payments take place relates to mass transit systems,” RBI said.
Business Standard, New Delhi, 10th July 2015

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