NFC-powered cashless toll collection technology by Fintech in Nigeria touch and pay technology (TAP) is now available on Lagos’ new mass transit system, the Blue Rail Line.
of blue line The project in Nigeria is a 27 km long rail route designed to run from Okomaiko in western Lagos to Marina in the east. The first stage of the route is now complete, covering a distance of 13 km. Payment for rail services is made through Tap turnstiles and cards. The payment company provides train access to an estimated 200,000 bankers and non-bankers.
A partnership with the Lagos State Government has made payment services possible. When the second stage of the track between Mile 2 and Okomaiko is completed, it will be able to transport up to 500,000 passengers per day between stations.
TAP aims to support financial inclusion with a particular focus on the unbanked in Nigeria. Fintechs in Nigeria can process micropayments from 10 cents to $10. The service aims to fill a gap for the unbanked, as most e-cards do not allow payments under $10.
Up to 64 million adults in Nigeria lack access to traditional banks. Therefore, people without bank accounts cannot withdraw cash to use public transport. TAP’s Cowley The card aims to solve this problem and make public transportation accessible to everyone.
Cowley Card users can tap their pay-as-you-go card against validators at hardened glass-protected turnstiles for use on the Blue Rail Line. We also expect this solution to significantly reduce fare avoidance in the region. Turnstiles also reduce the need to manually inspect tickets, speeding up transportation services.
of central bank of nigeria issued a cashless policy in 2012 to encourage businesses to modernize the country’s payment system. As a result, TAP aims to digitize the entire informal market with contactless cards.
“Payment is not a technical problem, it is a social problem.”
Oramid AfolabiCo-founder and CEO of Touch and Pay Technologies, commented on the news. Afolabi said: Lagos Metropolitan Transportation Authority (ramata). We are also implementing NFC payment solutions on BRT buses, ferries and now trains.
“Our contactless payment solution has been a huge success. We have created a 21st century solution for today’s passengers. However, most e-cards did not allow payments under $10, which was a problem for many passengers.
“Our Cowry card, which enables microtransactions from 10 cents to $10, closes this gap. Payments can be made, and we hope that more passengers will discover the benefits of this fast, reliable technology that integrates transportation in Lagos for the first time.”
Michael AllwallCo-Founder and Chief Growth Officer Tap, also discussed the issue of financial inclusion. He explains: Previously, foreign companies were tasked with solving local transportation problems. We are pleased to be the first local company to offer this integrated solution. ”