FarePay crowned king of utility payment cards
AFRICA’S first ever contactless payment card for bus transit recently won the award for ‘card with the most utility relevance for the cardholder’ at the Digital Pay Expo Awards held at Eko Hotel & Suites, Lagos.
The smart payment solution introduced by a commercial bank, Sterling Bank Plc, eliminates challenges associated with Bus Rapid Transit (BRT) such as facing long queues to purchase a ticket or handling exact cash fares for a trip.
A statement from the bank noted that out of seven award categories at the event, two cards were nominated for the most utility relevant card category with Sterling Bank’s FarePay card emerging as winner in the category.
FarePay cards are built on a contactless payment technology, with a connected bus validator system linked to the users’ bank account allowing passengers to ‘tap in and tap out’ of BRT buses with ease.
Commenting on the award, Yemi Odubiyi, Executive Director, Corporate and Investment Banking at Sterling Bank said FarePay card was designed to ease the hassle associated with mass transit across Africa.
His words: “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.”
Odubiyi thanked DigitalPay Expo for creating a platform that recognised and rewarded innovation in the Nigerian tech space, adding that the two-day exhibition gave the Farepay team an opportunity to meet with some of the people the first-of-its kind solution was designed for whilst also offering technical support and educating users at the same time.
FarePay cards are prepaid and reloadable through the user’s bank accounts and can be activated through an ATM or USSD. Card holders are no longer burdened with facing long queues for tickets or having to carry the exact fare for trips.
“FarePay is all about offering a convenient and flexible lifestyle for the user,” said Gbenga Adams, Group Head, E-Business at Sterling Bank.
“Before FarePay, there was nothing like it across Africa where card owners can load as little as N500 to as much N5 million on a card and the exact value of the trip is deducted each time a rider taps in or taps out of a bus. It simplifies the users’ commute eliminating the need to carry cash or wait on long queues for tickets,” he said,
Mr Adams added that FarePay is also a data gathering tool. “Each time a rider taps in or out of a bus, we are able to see routes and services that are more in demand, where we can deploy additional resources and how we can improve our services as a bank.”
Users can visit www.farepay.ng for details on how to register and activate a FarePay card. Activating their cards will allow users to check their balance, reload their account and protect their accounts upon loss or theft of the card.