Farepay is by Sterling Bank
Africa’s first-ever contactless payment cards for bus transit just lately gained the award for “Card With the Most Utility Relevance for the Cardholder” on the Digital Pay Expo Awards in Lagos.
The good payment resolution launched by Sterling Bank Plc eliminates challenges related to Bus Rapid Transit (BRT) corresponding to going through lengthy queues to buy a ticket or dealing with actual money fares for a journey.
Out of seven award classes on the occasion, two cards had been nominated for essentially the most utility related card class with Sterling Bank’s FarePay card rising as winner within the class.
FarePay cards are constructed on a contactless payment expertise, with a related bus validator system linked to the customers’ bank account permitting passengers to ‘tap in and tap out’ of BRT buses with ease.
The Executive Director, Corporate and Investment Banking at Sterling Bank, Yemi Odubiyi, mentioned the cardboard was designed to ease the trouble related to mass transit throughout Africa.
“Barely a month after launch, we have facilitated over 30,000 trips within Lagos with the FarePay card and we are looking to replicate this system across the continent,” he mentioned.
“FarePay is all about providing a handy and versatile way of life for the person. Before FarePay, there was nothing prefer it throughout Africa the place card house owners can load as little as N500 to as a lot N5m on a card and the precise worth of the journey is deducted every time a rider faucets in or faucets out of a bus.
It simplifies the customers’ commute eliminating the necessity to carry money or wait on lengthy queues for tickets. Each time a rider faucets in or out of a bus, we're in a position to see routes and companies which can be extra in demand, to deploy extra assets.