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Mastercard Incorporated MA recently announced that it has collaborated with Transport for New South Wales (NSW) to conduct a trial of the Opal digital card, which has been devised by Mastercard in alliance with Commonwealth Bank of Australia and EML Payments Limited.
It is worth mentioning that the Opal digital card, which is provided through the company’s next-generation payments platform – Mastercard Assemble, is a replacement to the physical transit card and thereby comes with several added benefits.
Notably, users can easily receive the card subsequent to the hassle-free signing up on the website of Transport for NSW. Following the sign up, the Opal digital card can be safely linked to their iPhone devices or Apple Watch. The card can also be linked to Samsung Pay on Android devices, with Google Pay feature soon to be added.
The Opal digital card will provide customers a simple and secure tap-and-go experience while availing several means of public transport across the state of New South Wales. The card can not only be linked to debit or credit card for adding of funds but is also equipped with the feature of automatic low balance alerts and automatic balance top ups, thus ensuring sufficient availability of funds.
Moreover, the abovementioned move has paved the way for offering a contactless commuting experience, which is of utmost importance amid the COVID-19 crisis. Also, the latest move seems to be time opportune considering the ongoing shift to digital from its physical mode in the payments industry. The growing popularity of contactless payments, which has been accelerated by the pandemic, is here to stay.
Shares of Mastercard have gained 17.9% in a year compared with the industry’s growth of 12%.
The company’s peer, namely, Visa Inc. V has rallied 16.2% in a year’s time.
Furthermore, Mastercard has been leaving no stone unturned to roll out innovative and urban transit solutions worldwide by working closely with transit operators, service providers and technology partners via its Mastercard Transit Partner Program. The company had collaborated with Meridiam last year for enhancing the transit payment infrastructure, which is intended to boost public transport access through the accelerated deployment of innovative solutions. These initiatives are aimed at enriching experiences of transport users across the transit ecosystem.
It’s worthy of mentioning that Mastercard has constantly undertaken efforts to promote sustainable urban development through the City Possible network. The main crux of the network has been collaboration as members have been working closely with each other for promoting sustainable urban development. Notably, the relation between Mastercard and Transport for NSW can be traced back to 2018 when the latter joined the City Possible network.
Through this network, Mastercard has been constantly adding members to promote sustainable urban development through innovative transit solutions across more than 330 cities globally. To name a few, Usio, Inc. USIO, HSBC Holdings plc HSBC and several others have joined the City Possible Network this year to address several urban challenges.
Notably, Mastercard carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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