Note: Not actual card, but an "artist's" visualization
The State Bank of India and Bangalore Metro have cooperated to launch a card that can be used both as an e-wallet and as a commuter pass. The combo card uses an NFC chip, a technology that is currently on the rise in India and around the world.
In a report from The New Indian Express, C Narasimhan – the deputy managing director at SBI – elaborated on the functionality:
The card consists of an e-purse facility to store money for travel in Namma Metro. The e-purse can be topped at the nearest ATM or through mobile banking (SBI Freedom) or internet banking apart from cash.
A representative with the Bangalore Metro Rail Corporation says that the card is “the first of its kind in the entire world.” Indeed, consolidating a bank card and a train pass is a big convenience, and the hope is that other banks in India follow suit with similar cards.
Near Field Communication is a promising technology on the rise, and according to a study by Juniper Research released today, global NFC transactions will reach an astounding $50 billion by 2014.
When we spoke to Jiepang CEO David Liu recently, he expressed his excitement about NFC and said that his company is making a big push to test it in China.
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