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eMoney News

Prepaid card to be used on Philippines transit systems
10 Jul 2009

Philippines-based commercial bank the Rizal Commercial Banking Corporation (RCBC) has revealed plans to introduce a prepaid cash card for use on transit systems.

Ecommerce Journal reports the initiative, which is to see the new MyWallet card introduced on July 15th for users of the Metro Rail Transit (MRT) transport network.

"We see the potential of the MyWallet MRT card as an additional source of fee-based income for the bank," RCBC president Lorenzo Tan tells the publication.

The card can be used on transit systems in the way that an ordinary ATM card might be, with the exception that no minimum balance must be sustained over the long term.

In the UK, the RFID-supported sQuidcard system will soon be available to Bolton Council smartcard holders to use on public transport.