Madrid To Create Digital Currency Payment Platform For The Public Transportation System
The Municipal Transport Company of Madrid is currently planning a partnership with a company called Vottun to create a blockchain platform that would allow the company’s citizens to use digital currency to pay for bus and train services in the city.
While the city of Madrid will sponsor the project, it will be developed by Vottun, which is one of 300 companies that recently decided to apply for the Madrid in Motion project. The project was created by the transport department to create a system for public transportation that would enable the clients to use digital payments.
Vottun will partner with one of the largest European banks, Banco Santander, in order to create the project. The CEO of Vorrun recently affirmed that all mobility services are set to use the same app, which will make it easier for the users that want to be transported in a much more user-friendly way.
Currently, the existing transportation systems require the user to deal with over 30 different transport companies, which makes the whole process considerably more complicated than it will be after the launch. After the launch of the app, people will be able to use taxis, buses, the metro, bicycle and car rentals, parking, car sharing and other services with only a single app.
According to a recent survey made by the city, 68% of the passengers transfer lines at least once. Having this app will turn this common experience into a much smoother one. 23% of the users transfer twice or more, so these will be the users that will benefit the most from the new system.