European Banking Giant Developing Blockchain Platform and Digital Currency Payments for Transit Riders in Madrid
The Municipal Transport Company of Madrid (EMT) is planning to launch a blockchain-powered application that will allow users to pay with digital currency for the company’s train and bus services across the city.
Vottun, the company behind the development of the app, is one of 300 firms that submitted an application to participate in the Madrid in Motion project, which involves adding support for a digital payment system to the city’s public transportation system.
To develop the payment system, the startup is partnering with Banco Santander, the fifth-largest bank in Europe. Earlier this month, Banco Santander became the first financial institution to issue an end-to-end debt-based bond on Ethereum’s public blockchain.
Vottun’s CEO notes,
“The onboarding and validation process of user information with be the same for all the mobility services offered in Madrid through the EMT app. This will make it easier for citizens to use public transportation, and to pay in an easier and more transparent way.”
Madrid’s existing transportation service requires that users provide their data to 30 different companies that offer services to the EMT, which makes the process more complicated than it should be.
Targeted transit
- Metro de Madrid
- bus companies
- taxi drivers
- bicycle rental
- motorcycle rental
- car rental
- scooter rental
- parking
- car sharing
- electric vehicle charging.
The percentage of public transport riders who transfer lines at least once in Madrid is 68%. On average, 23% of riders transfer at least twice during a single trip, according to data compiled by Moovit Public Transport index.
Vottun’s blockchain-based platform will unify all the different apps through a single onboarding and payment system allowing seamless transit for the city’s population of 3.1 million people.
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