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    '

    LetsFintech.com

    Fintechs – Products, Community, News

    • About Us
    • Contact Us
    • Fintech
      • Fintech by Geography
        • Africa
          • Fintech Landscape in Africa
        • Canada
          • Fintech Landscape in Canada
        • Central Asia
          • Fintech Landscape in Central Asia
        • China
          • Fintech Landscape in China
        • Europe
          • Fintech Landscape in Europe
        • India
          • Why India is Leading the Fintech Revolution?
          • Is India’s Equity Market a Bubble or a Growth Story?
          • Why Indians are loosing in Futures and Options Trading?
          • Fintech Landscape in India
          • What is Fintech Boom in Indian context?
        • Japan
          • Fintech Landscape in Japan
        • Latin America
          • Fintech Landscape in Latin America
        • Singapore
          • Fintech Landscape in Singapore
        • South East Asia
          • Fintech Landscape in Southeast Asia: Pioneering Innovation in Finance
        • USA
          • Fintech Landscape in the USA: Navigating Innovation and Transformation
        • Fintech Landscape in the Middle East
        • Fintech Landscape in Russia
        • Fintech Landscape in Australia & New Zealand
      • Fintech Companies
        • CRED – A B2C Fintech Giant
        • What VISA does?
        • HDFC Bank’s PayZapp App: A Comprehensive Overview
        • PayPal: Revolutionizing Online Payments
        • National Payments Corporation of India (NPCI)
      • Fintech Events
        • Indian Fintech Events
          • Global Fintech Festival – 2024 (August 28-30th)
        • Global Fintech Events
      • BNPL (Buy Now Pay Later)
        • BNPL (buy now pay later)
      • Cards
        • Credit Cards
          • Co-Branded Credit Cards
          • How to Launch a Credit Card: Technicalities, Compliance, Timeline, and Challenges
        • Debit Cards
          • Debit Cards: Navigating Transactions in the Modern Financial Landscape
          • Forex Cards
        • Credit Score
          • Check your CIBIL Score today. Kickstart and own your future.
      • Fintech Trends
        • National Common Mobility Card (NCMC Card): One Nation, One Card
        • Prepaid Payment Instruments (PPI)
        • Smart Rings in the Context of Fintech
        • Non-Fungible Tokens (NFTs): A Detailed Overview
        • User Acquisition Strategies for B2C Fintechs: Sustainable Approaches and Community Building
        • 🚀 Unlocking the Future of B2B Fintech Marketing
        • Early Salary: A Comprehensive Overview
        • Fintech Marketing Strategy – B2C Content Marketing
        • ISO 8583
        • Fintech Influencers
        • How lack of Market Research is killing B2C Fintech?
      • History of Fintech
        • Financial Literacy: A Comprehensive Overview
        • Lets Fintech
        • Who is Satoshi Nakamoto?
      • Join our Community
    • Fintech Models
      • Crowd Funding (P2P)
        • Crowdfunding(P2P Funding) in Fintech: Unleashing the Power of Collective Financing
      • Cryptocurrency
      • Digital Lending / Lending Tech
        • Digital Lending: Revolutionizing Borrowing and Lending
      • Equity/Personal Finance
        • What is Trading?
      • Insurtech
        • Insurtech: Transforming the Insurance Industry through Technology
      • NeoBanks/Digital Banks
        • Neo Banks/Digital Banks: Transforming the Banking Landscape
      • Payments & Wallets / PayTech
        • Credit Line on UPI
      • RegTech
        • RBI asked Card Networks like VISA, Mastercard to stop Commercial Card Payments
        • Regulatory Technology (RegTech): Transforming Compliance and Risk Management
        • Deposit Insurance and Credit Guarantee Corporation (DICGC) – A subsidiary of RBI : A Detailed Overview
      • BankingTech
        • What is Reconciliation or Payment Reconciliation?
        • Certifications and Compliance for Banks & Fintech
        • Challenges Core Banking System Faces
        • Merchant Management System (MMS)
        • What is Reconciliation or Payment Reconciliation?
        • Importance of Fraud & Risk Management Solutions (FRM) for Fintechs and Banks
        • BIN Migration: Understanding the Process and Importance
        • Islamic Financing: An Overview
        • Bill Discounting: A Comprehensive Guide
        • Open Banking
        • Application of VPNs in Fintechs and Financial Institutions
        • Cross-Border Payments
      • WealthTech
        • WealthTech: Transforming Wealth Management through Technology
        • Why should you invest in Fixed Deposit?
    • Calculators
      • Fixed Deposit Calculator
    • Fintech News
      • LATEST NEWS – CURRENT RELEVANT INFORMATION OF FINTECH WORLD
        • Current Status of Paytm
      • New Product & Features Launch
      • Funding & Acquisition Alert
      • Updates on Fintech Ecosystem
        • Some common investment jargons & acronyms
        • CVV Fraud
        • Unmasking Concerns – A Call for Transparency in Banking Practices
        • Understanding 3D-Secure
      • Fintech Scams & Frauds
        • Understanding Ponzi Schemes
        • Digital money world – Various types of Fraud, Blackmailing, and Robbery
        • Certifications and Compliance for Banks & Fintech
        • Importance of Fraud & Risk Management Solutions (FRM) for Fintechs and Banks
    HomeFintech ModelsPayments & WalletsNational Common Mobility Card (NCMC Card): One Nation, One Card
    National Common Mobility Card (NCMC Card): One Nation, One Card
    Payments & WalletsCardsDebit CardsFintech TrendsIndiaNew Product & Features Launch

    National Common Mobility Card (NCMC Card): One Nation, One Card

    By LetsFintech
    October 1, 2024October 15, 2024
    Recommend LetsFintech.com to your network!

    The National Common Mobility Card (NCMC), launched under the “One Nation. One Card” initiative, enables seamless, multi-modal transit payments across India. Supported by the RuPay platform, the NCMC card allows users to make payments for metro, buses, railways, tolls, parking, retail, and more using a single card. This card integrates both online and offline transactions, making it versatile for public transport, e-commerce, and even ATM withdrawals.

    Why One Nation. One Card?

    India’s vast and diverse public transport network often requires multiple cards or tickets for different modes of transport. The One Nation. One Card initiative simplifies this by providing a single card for all travel needs. By using a common card, citizens can travel across different cities and modes of transport without needing to purchase new cards or tickets, promoting convenience, inclusivity, and financial efficiency.

    How NCMC Works

    The card operates on a stored value system, enabling users to load money onto the card for various travel needs. Additionally, the stored value feature allows offline payments, even in areas with low connectivity, making it highly adaptable for rural or less developed areas. The service area feature also supports operator-specific applications like monthly passes and season tickets, allowing for customization based on regional transport systems.

    Companies Providing NCMC Card Solutions

    Several companies and banks in India are partnering with the National Payments Corporation of India (NPCI) to provide NCMC card solutions. Some key providers include:

    1. HDFC Bank – Partnered with Navi Mumbai Municipal Transport (NMMT) for Navi Cards based on NCMC guidelines.

    2. State Bank of India (SBI) – Provides RuPay NCMC cards.

    3. Bank of Baroda – Offers RuPay contactless NCMC cards.

    4. Axis Bank – Provides NCMC-enabled contactless payment solutions.

    5. City Union Bank – Partnering with NPCI for issuing RuPay contactless cards for transportation.

    6. Paytm Payments Bank – Offers NCMC-based payment solutions for metro and bus travel.

    7. IDFC FIRST Bank – Issued NCMC cards for public transit systems in various cities.

    8. ICICI Bank – Provides RuPay NCMC cards for multi-modal transport payments.

    9. Punjab National Bank (PNB) – Issues NCMC cards for public transport and retail payments.

    10. Canara Bank – Offers NCMC-compliant payment systems for travel and shopping.

    11. M2P Fintech: Offers solutions for the integration of NCMC systems into various payment platforms.

    Recent Developments

    Recently, OrbitWallet, in collaboration with M2P Fintech and NPCI, launched an innovative digital solution that allows users to make payments for urban mobility and retail transactions using their Orbit Cards in Global Fintech Festival (GFF-2024). This initiative reflects the growing adoption of NCMC-compatible cards in urban areas, aiming to enhance the user experience in public transportation and retail shopping.

    For more details, visit the official NPCI page: NPCI Newsletter.

    Key Benefits of NCMC

    • Multi-modal transit solution: A single card for buses, metros, trains, and parking.

    • Offline and Online Payments: Reduces dependency on network connectivity.

    • Reduced Financial Risk: Secure transactions with low fraud potential.

    • Customizable Solutions: Enables the inclusion of season tickets and passes.

    • Financial Inclusion: Supports cashless payments, boosting the digital economy.

    Importance of the NCMC

    1. Unified Payment System: By integrating various transportation services under one card, the NCMC simplifies the payment process for users, allowing them to use a single card for diverse transactions.

    2. Enhanced User Experience: Commuters can access metros or buses with a simple tap, eliminating the need to stand in long queues for tickets. This convenience promotes public transport usage.

    3. Boost to Cashless Transactions: The NCMC supports a shift towards a cashless economy, aligning with the government’s broader financial inclusion goals.

    4. Operational Efficiency: Transport operators benefit from reduced cash handling, streamlined operations, and increased transaction security.

    The NCMC card is an essential step towards creating a unified, tech-driven infrastructure, encouraging seamless urban mobility across India.

    The National Common Mobility Card is a game-changer in the Indian transportation landscape, promoting a unified and seamless travel experience. As more companies join this initiative, it is poised to enhance convenience, promote cashless transactions, and ultimately contribute to the government’s vision of a Digital India.

    This overview captures the essence of the NCMC initiative and its significance in the evolving landscape of urban mobility in India. If you have any more specific aspects you’d like to delve into, feel free to ask!

    Tags: National Common Mobility Card NCMC Card One Card One Nation
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