Under the partnership, Banrural will serve as Transtech’s financial partner for e-transactions, e-ticketing and mobile payment service projects in Guatemala and the surrounding region, with an initial focus on mass transportation e-ticketing services.
Transtech will benefit from different financial services Banrural provides, including trust managements, cash collection and sales channels through Banrural’s network of ATMs. Initially, Banrural’s ATM network will be used as a recharge point of sale system for prepaid bus fare collection, said Alternet.
The company said that the partnership may provide financing to Transtech’s fleet replacement initiative in Latin America, providing high efficiency and low emission liquid petroleum gas (LPG) buses to municipalities with aging or inefficient bus fleets. The partnership has the potential for additional expansion to include utilities prepayment and municipal services.
Through their joint venture Transtech, Alternet Systems is Tianjin IC Card Public Network Systems’s (TCPS’s) strategic partner in Latin America. TCPS chose Alternet Systems for their experience in Latin America and for their proprietary wireless e-transaction capabilities, which are complementary to TCPS’ contactless card and financial terminals.
Earlier in August, Alternet and TCPS formed Transtech Sino America. Within the joint venture, Alternet provides business development, resource sourcing, logistics and legal support, while TCPS provides capital, technology and substantial public transportation management experience.
