Private sector lender Yes Bank on Thursday said it has partnered with Gujarat State Road Transport Corporation (GSRTC) to digitise payments for booking of bus tickets.
Under the partnership, Yes Bank will install over 125 PoS (Point-of-Sale) terminals to facilitate booking of tickets through credit and debit cars at all GSRTC bus depots.
The private sector lender said that it is already live with 50 terminals and will reach the 125 mark in the "next couple of weeks" as part of the first phase of implementation.
Currently GSRTC handles over Rs 70 crore worth of transactions in cash at its counters, and over 50 per cent of the transactions are expected to shift to card payments, the bank said.
"The inititiave will cover all municipal corporation locations and multiple cities, including Ahmedabad, Rajkot, Vadodara and towns such as Bhuj, Dahod, Palanpur and Valsad," it said in a statement.
The installation of these terminals, it added, will go a long way in supporting the 'less-cash' economy envisaged by the Government of India.
Shares of Yes Bank closed down by 0.63 per cent at Rs 1,118.60 on BSE.
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