YES Bank, the fifth largest private sector bank, on Thursday announced a partnership with Gujarat State Road Transport Corporation (GSRTC) to digitise payment of bus tickets for its customers.
For this the bank will install over 125 points of sale (PoS) terminals to facilitate booking through credit and debit cards at all GSRTC bus depots. The bank is already live with 50 terminals and will set up the remaining in the next couple of weeks as part of the first phase of implementation.
The initiative will cover all municipal corporation locations and multiple cities including Ahmedabad, Rajkot, Vadodara and towns including Bhuj, Dahod, Palanpur and Valsad.
The installation of these terminals will support the ‘less-cash’ economy envisaged by the Centre and enhance convenience for bus passengers. Over 50 per cent of cash transactions are expected to shift to card transactions, thereby reducing cash usage, according to a press release.
Vijay Nehra, VC & MD, GSRTC, said YES Bank has waived all transaction charges for customers and was not charging rentals to GSRTC as part of its efforts to encourage the transition to a cashless economy.