Aurionpro Transit, the Singapore-headquartered global provider of ticketing and payment solutions, announced on October 30 a partnership with MasterCard, a global technology company in the payments industry, to provide advanced contactless payment system designed for commuters using public transportation.
This strategic partnership aligns with the mutual commitment of both firms to promote digital payment solutions within the realm of intelligent mobility.
The collaboration introduces a unified digital payment innovation, enhancing urban mobility by offering travelers a rapid, secure, and convenient payment experience across various public transportation modes like trains, buses, bicycles, scooters, taxis, ride-hailing services, and more.
Commuters will experience a simplified experience through a tap-and-go method using any MasterCard-linked digital wallet, ensuring smoother and more efficient journeys. Aurionpro, the company which specializes in the design, supply, and operation of Automatic Fare Collection (AFC) technology systems, said. With MasterCard's open-loop solutions, commuters can use a single digital wallet across various transit modes and in multiple cities, eliminating the necessity for multiple cards or frequent top-ups, it further stated.
Sanjay Bali, CEO of Aurionpro Transit, expressing excitement about the partnership, stated that their collaboration with MasterCard signifies their joint commitment to promote the widespread use of intelligent public mobility solutions, added their goal is to simplify and improve the commuter travel experience across all transportation modes.
Bali said, "This collaboration marks our mutual commitment to drive the widespread adoption of smart public mobility solutions, delivering cutting-edge technologies and integrated ticketing and payment solutions to transport authorities and operators worldwide. With MasterCard's renowned expertise in urban mobility payments and our dedication to innovation, we aim to simplify and enhance the travel experience for commuters across all modes of transportation, ushering in a new era in contactless Tap n Go solutions. We’re optimistic that our partnership will redefine the future of digital mobility, taking urban transit to new heights."
Kok Kee Lim, Senior Vice President of Government Engagement for MasterCard Asia Pacific, highlighted that the collaboration with Aurionpro Transit means a significant stride toward achieving their shared vision for the future of urban mobility payments.
Lim, said,"This vision extends beyond borders, opening doors to global opportunities in the dynamic domains of mobility ticketing, micro-mobility, and payment solutions. Together, we aspire to create a world where each journey seamlessly unfolds as a contactless experience, reshaping the way people travel globally. With steadfast dedication and innovation as our driving forces, we are set to pioneer advanced technologies, delivering integrated ticketing and payment solutions on a global scale."
Aurionpro Solutions reported that its consolidated net sales ending the second quarter (July to September 2023) at Rs 211.15 crore, a 36.5% increase from Rs 154.69 crore in September 2022. And, quarterly net profit reached Rs 33.13 crore in September 2023, a rise of 39.86% from Rs 23.69 crore in September 2022. EBITDA amounted to Rs 48.32 crore in September 2023, marking a 37.94% increase from Rs 35.03 crore in September 2022.
On October 30, Aurionpro Solutions' shares settled at Rs 1,530.05 apiece on the BSE, which was down Rs 66.80 or 4.18 percent lower than the previous day's close.
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