'One Nation-One Card': All you need to know about ATM-like travel card mentioned in Budget 2019
New
Delhi,
July
06:
In
the
Budget
speech
on
July
05,
Finance
Minister
Nirmala
Sitharaman
hailed
the
benefits
that
were
provided
by
'One
Nation-One
Card'
.
The
National
Transport
Card
(NTC)
is
based
on
India's
first
indigenous
payment
ecosystem
for
transport
and
is
based
on
National
Common
Mobility
Card
(NCMC)
standards,
launched
in
March
2019.
The
indigenously-developed
card
runs
on
Rupay.
It
is
issued
by
banks
on
debit/credit/pre-paid
card
basis.
"The NCMC standard developed is an inter-operable transport card that allows holders to pay for their bus travel, toll taxes, parking charges, retail shopping and withdraw cash," the finance minister said while dubbing the system as 'One Nation One Card'.
This new card will enable the holders to make payment for various kinds of transport charges across India such as toll taxes as well as metro services.
This way, the card will offer special convenience to those who rely on various modes of transportation for their daily commutation. Besides this, the NTC will also allow a user to make day to day retail payments.
Decoding Budget 2019: Hits and Misses for middle class
Here are the key point you need to know about the 'One Nation One Card':
- The ATM like card could be used for payment across all segments that include retail shopping, smart city, metro, bus and suburban railways.
- It will be similar to any RuPay debit/credit card, that will be available for more than 25 banks.
- It will offer 5 per cent cashback via ATMs as well as 10 per cent cashback at merchant outlets while travelling outside India.
- The card can be used for making payments across all segments including metro, bus, suburban railways, smart city and retail shopping.
- The card can also be used for paying at toll plazas and for parking.
- The card offers cashback on bill payments and more than thousand other offers.
- The card will be supported by Swagat, which is an indigenously developed Automatic Fare Collection Gate and Sweekar that is an Open Loop Automatic Fare Collection System that were both launched by PM Modi on 4th March.