The Kerala State Road Transport Corporation (KSRTC) is gearing up to launch a closed-loop mobility card targeting 50 lakh commuters, to enable cashless travel in buses.
The receipt of funds in advance could earn the agency approximately ₹100 crore (at the rate of a minimum top up of ₹200), which it can use as working capital, said its Chairman and Managing Director Biju Prabhakar.
A closed-loop card, like the one being used by the Hong Kong Metro, will also help ensure security, as the KSRTC itself will manage the system. It also does not need Internet connection, unlike open-loop mobility cards, he added.
