Latest news with #T-Card
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
Digital upgrade costs are turning Opal into a wild card
The upgrading of NSW's Opal ticketing system for public transport has turned into a runaway train, with costs threatening to surge by up to $171 million to $738 million. The Herald 's Matt O'Sullivan revealed the cost blowout is also likely to delay the scheduled completion of the work for at least a year. Dubbed Opal Next Gen, the modernisation of the ticketing system was first announced in mid-2022 by the previous NSW Coalition government, which provided conditional funding for the project over three years. It involves the replacement of thousands of electronic readers and back-office billing. Infrastructure NSW has changed Opal Next Gen from a 'tier-two' to a 'tier-one' project, which means the transport agency now has to be 90 per cent sure its final cost price will fall within budget. More than eight months after tenders closed, Transport for NSW is yet to announce short-listed bidders for the main contract to overhaul the ticketing system, and another to supply Opal readers and other technology for the state's fleet of buses. The government has been dragging the chain on an Opal upgrade for years, but the new upgrade includes digital transit cards that allow the use of smartphones. The government had planned to complete the rollout of the new Opal system next year. However, the Herald has previously reported that internal Transport for NSW documents show it has been targeting September 2027 as a 'go-live' date for the ticketing system. Automatic ticketing has had an unsettled history in NSW. The $1.2 billion contract for the public transport smartcard, it should be remembered, was signed by former Labor transport minister David Campbell but only after years of fruitless persistence with the T-Card. The Barry O'Farrell-led Coalition in 2012 started introducing the Opal card, which is now used almost ubiquitously across Sydney's transport system. For the most part, it has been a great success. Now comes the realisation that upgrading transport ticketing systems is problematic for state governments. In Victoria, overhauling the Myki Card system is a major political and financial liability for the Labor government. This year's budget revealed the overhaul was running 18 months late and was already $137 million over budget. The Victorian government and Conduent, the US company installing and operating the new system under a $1.8 billion contract, have been at loggerheads over unexpected costs and technical issues that have put back scheduled completion until 2028. As noted, in NSW, tenders closed for contracts to overhaul the ticketing system and supply Opal readers and other technology for the state's fleet of buses last year. Transport for NSW secretary Josh Murray said nine companies were in the mix and contracts were expected to be signed early next year, but he did not wish to rush it.
Associated Press
31-03-2025
- Business
- Associated Press
EFT Solutions Partners with Bonum to Establish Cooperation with Mongolbank
Facilitated by eftPay, 'T-Card' in Mongolia Makes its Overseas Debut in Hong Kong HONG KONG SAR - Media OutReach Newswire - 31 March 2025 - EFT Solutions Limited ('EFT Solutions' or the 'Company'), member of EFT Solutions Holdings Limited (together with its subsidiaries, the 'Group"; stock Code: a leading electronic fund transfer point-of-sales ('EFT-POS') solutions provider in Hong Kong, is pleased to announce that the Company and its partner Bonum LLC, a payment services provider in Mongolia, are collaborating with Mongolbank, the central bank of Mongolia. With the technical support from EFT Solutions and payment acquirer from eftPay, the trios have successfully facilitated the expansion of the 'T-Card,' a major payment card issued by Mongolbank in Mongolia, into Hong Kong markets, with its inaugural deployment in Hong Kong merchants. According to the latest statistics, there are over 2 million T-Cards currently in circulation in Mongolia, accounting for more than 45% of the total number of payment cards. Furthermore, the total transaction volume of T-Cards exceeds 40% of the overall market. Breaking away from the prior limitations to domestic use, EFT Solutions, in collaboration with Bonum LLC, developed a tailored electronic payment terminal solution for the T-Card. This solution successfully integrates the card into their payment system to allow for seamless connectivity to various EFT-POS terminals, enabling its use in overseas markets. Along with the technical development of eftPay, the T-Card successfully made its overseas launch. It is introduced as a payment method in selected restaurant partners in Hong Kong. Local travelers visiting Hong Kong can simply use the T-Card for payments, facilitating their spending in the city. Looking ahead, eftPay plans to gradually expand the T-Card to other local merchants, catering to the electronic payment needs of Mongolian tourists visiting Hong Kong. Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions said, 'we are honored to be the first Hong Kong partner of Bank of Mongolia in regards to ePayments technology. Together we will accelerate local digital transformation. While driving Hong Kong to become a smart city, we are also responding to the HKSAR government's initiative in promoting the interconnectivity of e-payments across the regions. We will continue to actively explore various overseas smart city projects to seize international market opportunities.' In addition to the T-Card, the Group is dedicated to expanding its international footprint, including entering a memorandum of understanding with a digital bank in the United Arab Emirates (UAE) last year, thereby preparing for future collaboration. Click here to download more HD photos. Hashtag: #EFTSolutions #俊盟國際 The issuer is solely responsible for the content of this announcement. EFT Solutions Limited
Zawya
31-03-2025
- Business
- Zawya
EFT Solutions Partners with Bonum to Establish Cooperation with Mongolbank
Facilitated by eftPay, 'T-Card' in Mongolia Makes its Overseas Debut in Hong Kong HONG KONG SAR - Media OutReach Newswire - 31 March 2025 - EFT Solutions Limited (" EFT Solutions" or the "Company"), member of EFT Solutions Holdings Limited (together with its subsidiaries, the "Group"; stock Code: a leading electronic fund transfer point-of-sales ("EFT-POS") solutions provider in Hong Kong, is pleased to announce that the Company and its partner Bonum LLC, a payment services provider in Mongolia, are collaborating with Mongolbank, the central bank of Mongolia. With the technical support from EFT Solutions and payment acquirer from eftPay, the trios have successfully facilitated the expansion of the " T - Card," a major payment card issued by Mongolbank in Mongolia, into Hong Kong markets, with its inaugural deployment in Hong Kong merchants. According to the latest statistics, there are over 2 million T-Cards currently in circulation in Mongolia, accounting for more than 45% of the total number of payment cards. Furthermore, the total transaction volume of T-Cards exceeds 40% of the overall market. Breaking away from the prior limitations to domestic use, EFT Solutions, in collaboration with Bonum LLC, developed a tailored electronic payment terminal solution for the T-Card. This solution successfully integrates the card into their payment system to allow for seamless connectivity to various EFT-POS terminals, enabling its use in overseas markets. Along with the technical development of eftPay, the T-Card successfully made its overseas launch. It is introduced as a payment method in selected restaurant partners in Hong Kong. Local travelers visiting Hong Kong can simply use the T-Card for payments, facilitating their spending in the city. Looking ahead, eftPay plans to gradually expand the T-Card to other local merchants, catering to the electronic payment needs of Mongolian tourists visiting Hong Kong. Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions said, "we are honored to be the first Hong Kong partner of Bank of Mongolia in regards to ePayments technology. Together we will accelerate local digital transformation. While driving Hong Kong to become a smart city, we are also responding to the HKSAR government's initiative in promoting the interconnectivity of e-payments across the regions. We will continue to actively explore various overseas smart city projects to seize international market opportunities." In addition to the T-Card, the Group is dedicated to expanding its international footprint, including entering a memorandum of understanding with a digital bank in the United Arab Emirates (UAE) last year, thereby preparing for future collaboration. Click here to download more HD photos. Hashtag: #EFTSolutions #俊盟國際 The issuer is solely responsible for the content of this announcement. EFT Solutions Limited EFT Solutions Limited, member of EFT Solutions Holdings Limited (Stock Code: has been committed to providing a full range of electronic payment solutions, supporting software and peripheral devices, to bring convenience to Hong Kong citizens and make their life better. In recent years, EFT Solutions has been actively expanding into overseas markets, establishing a presence in countries such as Taipei, Malaysia, and Singapore. It aims at providing the most suitable electronic payment solutions for different client, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation and maintenance service. Its EFT-POS terminal service covers renowned restaurant group, railway company, banks, major chain stores and department stores in Hong Kong. Website: EFT Solutions Holdings Limited
