Blockchain Platform Will Allow Paying for Transportation in Spain
Santander Bank will collaborate in a new App for the payment of transport services.
Through a set of agreements between the Municipal Transport Company of Madrid (ETM), Santander Bank and the important startup Vottun, it will be possible to pay for the public transport service quickly, safely and transparently using a single payment application called Maas Madrid.
Vottun is a platform that is responsible for developing technologies which help use different networks and blockchain platforms. It is for this reason that it will help to install a blockchain platform that supports the application and also will be used to pay for the transport ticket in Madrid.
During an interview about the development of the blockchain platform, Luis Carbajo, who is CEO of Vottun, commented that they are in the phase of conducting the first pilot tests where they created the customer registration App with the option of direct payment for transportation service through a blockchain platform. Likewise, he estimates that by the middle of next year the application will be ready to be launched.
In conjunction with this application, Banco Santander customers will have direct access to the payment of the service since the EMT strengthened friendly ties with the financial institution.
To specify the complete services that the so-called Maas Madrid application will offer, Carbajo explained that the tool will work with a facial registration of customers. Also, it will evaluate in real time the traffic conditions in the city. In this way, the client can have access to the Madrid subway, four taxi companies, two bus companies, and also pay for the service thanks to the partnership with Banco Santander.
Service Payment as a Goal
When conceiving the idea of the application as a tool to facilitate access to transport in the City, Carbajo explained that it would be a challenge to add the option that allows to pay for the service through the tool
Since financial companies such as MasterCard are now using blockchain technology, the Municipal Transport Company of Madriddecided to seek partnerships with a company that has opted for new technologies, so Banco Santander was the best option.
Between the Santander Bank and the Municipal Transport Company of Madrid there is a payment regime for a certain period of time. In this way, both companies already had the interest of working together with their current project.
“Currently, if the user wants to take a skateboard or electric motorcycle service, or a shared car, he has to register in each of these systems. What Vottun offers is an identity system based on blockchain, in which the citizen can take any type of transfer service directly, without having to register data”, said Carbajo.
In this way, the application will be a complex blockchain-based system that will facilitate the payment of the transport service and will also save time and be more transparent and personalized.
As an example, it is known that there is a large group of transport services companies in Madrid. Each service has different payment systems and records. The new application will prevent registration in each service, unifying everything in only one digital identity system.
By María Rodríguez