KCB Group has unveiled a card that will be used by travellers to pay bus fare and conduct other transactions. Pepea Card comes in the wake of government’s directive to public service vehicles to use cashless payment system starting today 2014.
The card has features that enable it operate seamlessly through Near Field Communication (NFC) form of short-range wireless technology platform. “This is a milestone in the transport sector as my ministry strives to restore sanity public transport,” said Engineer Michael Kamau Cabinet Secretary for Transport and Infrastructure, adding: “Those resisting change should just ship out.”
The cashless payment system will ensure that revenues are monitored efficiently and according to the PS in the ministry of Transport and Infrastructure, Mr Nduva Muli, collected money will be settled at 4 p.m daily, giving vehicle owners time to bank their money. “The velocity of money will increase and there will be no delays in the cash flow. This will increase the multiplier effect and eventually enhance higher growth rates in the public transport sector,” noted the PS.
According to KCB Group CEO Joshua Oigara, the cashless mode of payment will reduce chances of theft and other risks associated with cash. “Cash takes time to get at, it’s to riskier carry and also costs society as much as 1.5% of GDP through corruption and other malpractices done on the roads,” he says. “With 60% of global retail transaction being done with cash, technology comes as a saviour to numerous crimes in the society and we believe that Pepea Card will contribute immensely towards reduction of such crimes.”
The Point of Sale (PoS) system under which Pepea is running is a standard digital device designed to read a range of credit cards. The card will also allow users to conduct other transactions such as paying fuels, footing hotel bills and making online payments. To use the card, one doesn’t need to have an account with KCB Group and it can be used to make payment in over 35 million outlets worldwide.
Its EMV (Europay, MasterCard and Visa) platform, a global standard for inter-operation of integrated circuit cards gives customers optimal security against fraud. Commuters will just need to tap their cards on the special machine and the gadget will issue a receipt with details such as date, route and time of travel.
You can use M-Pesa to top up the account.