FarePay wins Utility Payment Cards award at Pay Expo – FarePay has won the utility payment card award at the Digital Pay Expo Awards which held at Eko Hotel & Suites, Lagos.
The smart payment solution introduced by, Sterling Bank Plc eliminates challenges associated with Bus Rapid Transit (BRT) such as facing long queues to purchase a ticket or handling exact cash fares for a trip.
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 a contactless payment technology, with a connected bus validator system linked to the users’ bank account allowing passengers to ‘tap in and tap out’ of BRT buses with ease.
Commenting on the award, Executive Director, Corporate and Investment Banking at Sterling Bank, Yemi Odubiyi, said FarePay card was designed to ease the hassle associated with mass transit across Africa. “Barely a month after launch, we have facilitated over 30,000 trips within Lagos with the FarePay card and we are looking to replicate this system across the continent.”
He thanked DigitalPay Expo for creating a platform that recognized and rewarded innovation in the Nigerian tech space, adding that the two-day exhibition gave the Farepay team an opportunity to meet with some of the people the first-of-its kind solution was designed for whilst also offering technical support and educating users at the same time.
FarePay cards are prepaid and reloadable through the user’s bank accounts and can be activated through an ATM or USSD. Card holders are no longer burdened with facing long queues for tickets or having to carry the exact fare for trips.
“FarePay is all about offering a convenient and flexible lifestyle for the user”, said Gbenga Adams, Group Head, E-Business at Sterling Bank.
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