Visa and IBA Group Introduce MTT Technology in Azerbaijan
IBA Group completed the implementation of the project based on the Visa Mobility & Transport Transaction (MTT) technology for the railway transport of Azerbaijan. The partners of the project are the Visa international payment system, Azerbaijan Railways, the Central Bank of Azerbaijan, the International Bank of Azerbaijan, RBC Group, and AzeriCard.
The MTT technology allows for accumulating fares for 24 hours into one transaction. The total amount is debited in a single transaction at the end of the day. The project is the first in Azerbaijan to feature the MTT technology.
The contactless fare payment project for the Azerbaijan Railways started in July 2021. IBA Group installed proprietary validators at all stations of the Absheron Ring Railway, one of the busiest rail routes in the country. Initially, passengers were able to pay for a one-time trip with a contactless bankcard. With the Mobility & Transport Transaction technology, payments for trips made within one day are accumulated and written off in one transaction.
About Mobility & Transport Transaction Technology (MTT)
MTT is a flexible solution developed by Visa for single and multi-modal public transportation environments. The Mobility & Transport Transaction technology enables transport operators to offer their passengers a range of flexible fares, including fixed, distance, and time-based, temporary, and multimodal fares. The technology also supports the fare capping payments system that rewards passengers with free rides after they meet the fare equivalent of a daily, weekly or monthly pass. MTT is also able to provide benefits and refunds for transport delays.
How MTT Works
To access a transport service, a passenger taps a Visa EMV contactless card, device or wearable linked to the card. The fare is not charged at the time of travel as the tap data is accumulated and the total fare amount is calculated and charged by the transport merchant at the end of the travel period.
MTT Benefits
The MTT provides a fast and convenient experience for passengers and cost and labor efficient fare collection for transport operators. Intended for multimodal transportation, MTT is a part of the Mobility as a Service (MaaS) roadmap. MaaS is a family of apps and services that aim to turn all travel planning and payment activities into the all-in-one digital experience.
When combined with contactless payments, providers can offer passengers greater flexibility and convenience while removing the need to plan, book, purchase, or carry and keep track of a variety of standalone passes and tickets.
Earlier this month, Visa announced that it reached the one billion contactless transaction milestone in public transport for the first time in one year.
Read to learn more about the IBA Group’s payment solutions and the company’s partnership with VISA on Smart Solutions.
