Yahoo Finance 
LTA to unveil tap and go fare sheme using credit and debit cards
Singapore will be the first in Asia to have such system.
With the aim of making transportation even more convenient for Singaporeans, the Land Transport Authority and Mastercard will be launching a pilot of Account-Based Ticketing system for public transport, allowing the usage of contactless credit and debit cards for fare payments.
The pilot will be launched on March 20 and will be available for all public bus and train rides. Interested commuters holding Singapore-issued Mastercard contactless credit or debit cards can register on the TransitLink ABT Portal if they have not been pre-registered by their banks. Overall, LTA and Mastercard is expecting to attract 100,000 commuters to participate in the pilot. The usage of contactless credit and debit card will allow commuters to travel without a separate fare card. Through the portal and a mobile service app, passengers will be able to track their journey and fare payment history.
LTA Chief Executive Ngien Hoon Ping said this partnership goes towards furthering Smart Mobility efforts, one of the key pillars of Singapore’s Smart Nation vision.
“We are pleased to partner Mastercard in this pilot. Singapore is one of the first few cities in the world to test this fare payment system for public transport. LTA is committed to leveraging technology advancements to provide more convenience to commuters. Account-Based Ticketing using contactless credit or debit cards will add another option to how commuters can pay for their public transport rides," he said.
Meanwhile, Mastercard Singapore Country Manager Deborah Heng said are considering developing contactless payments using wearable devices in the future.
"Apart from use on public transport, Mastercard contactless payments are already available in many popular retail and F&B merchants, as well as a large number of taxis. The introduction of AccountBased Ticketing in Singapore’s public transportation system is the latest in Mastercard’s commitment to deliver smart city solutions to Singapore. In the near future, we expect to broaden contactless access by enabling mobile and wearable devices for cashless use," she said.
More From Singapore Business Review