SINGAPORE - The same travel card could soon be used to take a train and bus in Taiwan and Singapore.

Users can also pay for purchases at certain retail outlets and use it as an electronic ticket to attractions in both countries.

Singapore's Land Transport Authority-owned EZ-Link is working with Taiwan's contactless smart card system operator EasyCard Corporation to develop the dual-currency card. The aim is to make travelling between and within both cities more convenient for tourists and businessmen who do so.

EZ-Link's chief executive Nicholas Lee and EasyCard Corporation's chairman Chang Chia-Sheng signed a memorandum of understanding to develop the card on Monday. Mr Hau Lung-Bin, the mayor of Taipei City, presided over the ceremony.

The collaboration comes as the numbers of visitors between both countries continue to soar.

In 2013, Singapore welcomed about 400,000 visitors from Taiwan, a 23 per cent increase from the year before. That year, 360,000 tourists from Singapore visited Taiwan, up by 11 per cent from the year before.