SC Soft Pte. Limited, Singapore and Mastercard Sign a Strategic alliance for Automatic Fare Collection & Payment Solutions

SC Soft Pte. Limited, Singapore (a subsidiary of Aurionpro Solutions Limited) ("SCSOFT") has announced a strategic alliance with Mastercard to provide services in the areas of contactless ticketing for transit operators and system integrators, enabling digital fare media adaptation and implementation globally. The alliance will provide improved cashless and non-contact payment options to passengers for buying tickets for their travel, easing operations for service providers.

Mr. Sanjay Bali, CEO - SC Soft commenting on the alliance said, "Automatic Fare Collection is rapidly growing globally and having realized the immense potential therein, Aurionpro had acquired SC Soft two years back. Since then we have invested in developing robust solutions and a strong sales team with a network of partners and strategic alliances. Our alliance with Mastercard could not have come at a better time. Mastercard is a global leader in payment solutions and their expertise will help us enhance our capabilities and unlock newer business opportunities, especially in this era of contactless digital technologies and faster adoption in post pandemic world. SC Soft is rapidly expanding its footprints in newer geographies and has executed pilot projects in North & South America, Latin America, Russia, Middle East, Africa and South Asia. With our joint experience in executing projects in this space this alliance will be well placed to seize the immense opportunities in the segment."

Rajeev Kumar, Senior Vice President & Head - Market Development, South Asia, Mastercard, said, "Transport ticketing has evolved over time and taken various forms like paper tickets, mag-stripe cards and close loop proprietary cards. An increasing number of transit operators are now moving towards Open Loop EMV Contactless Cards and mobile phone based payments. Mastercard is working closely with several transit authorities and banks to enable quick and seamless payments on public transport systems through existing debit, credit or prepaid cards present in consumers' wallets. With this partnership with SC Soft, which offers robust technology, rich experience and capabilities that perfectly complement our expertise and vision, we aim to offer cutting edge payment solutions for transit systems here in India and globally. This will reduce the number of cards or payment instruments a consumer must carry and also bring down the costs a transit operator must incur in setting up a proprietary payments system and operating it, including associated risks with such systems."

The global Automatic Fare Collection market requirements are estimated to cross USD 9 billion revenue by 2023.

Shares of AURIONPRO SOLUTIONS LTD. was last trading in BSE at Rs.163.1 as compared to the previous close of Rs. 168.7. The total number of shares traded during the day was 32271 in over 866 trades.

The stock hit an intraday high of Rs. 171 and intraday low of 160.35. The net turnover during the day was Rs. 5273692.

Source : Equity Bulls

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