FarePay Crowned King of Utility Payment Cards

FarePay, the largest implementation of Bank contactless cards for bus transit in Africa recently won the award for ‘card with the most utility relevance for the cardholder’ at the Digital Pay Expo Awards which held at Eko Hotel & Suites, Lagos. The smart payment solution introduced by Nigeria’s leading commercial bank, Sterling Bank Plc, according to a statement, eliminates challenges associated with cash and long queues for fare payments.

Out of seven award categories at the event, two cards were nominated for the most utility relevant card category with Sterling Bank’s FarePay card emerging as winner in the category. FarePay cards are built on dual interface contactless cards payment technology and can be used for fare payments or for regular payments on PoS and cash at ATMs.

Commenting on the award, Yemi Odubiyi, Executive Director, Corporate and Investment Banking at Sterling Bank said the FarePay payment system was designed to ease the hassle associated with mass transit fare payments across Africa. “Barely a month after launch, we have facilitated over 40,000 trips within Lagos with the FarePay payment system and we are looking to replicate this system across the continent.”

“FarePay is all about offering a convenient and flexible lifestyle for the user”, said Gbenga Adams, Head, Digital Innovation & Fintech at Sterling Bank. “FarePay simplifies everyday payments for daily commute and other payments needs. Using contactless tap and pay NFC payment capability and Chip & PIN technology in one card ensures that users of the FarePay card have flexibility in everyday payments.

Mr. Adams added that the FarePay system provides more insight into user patterns and preferences and will enable a more personalized and curated service offering in the future.

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