Visa is foreseeing the acceleration of the adaptation of contactless payments on subways, rail and bus networks, as part of its global transit program.
Visa is reportedly foreseeing the acceleration of the adaptation of contactless payments on subways, rail and bus networks around the world.
The company has ventured a global transit program offering consulting services from a team of specialists, including a central group in London, plus regional experts across the globe, as reported by Finextra.
London has introduced contactless ticketing that emerged as a preferred option for a large number of commuters. Another big city, New York, reportedly decided to launch the service in the upcoming years. The new Visa program aims to roll out the service to other cities.
In addition, the company has reportedly worked on a Mass Transit Transaction model back-office framework that will be released to manage contactless payments. This would be possible regardless of transit operators` size or fare structure, as reported by the media.
Furthermore, the company has also expanded its Visa Ready program that will offer technologies available to operators, as elaborated in the report. The general idea to switch to contactless payments is claimed to be beneficial for operators. In their recently published Cashless Cities report, Visa wrote that transit agencies spend an average of 14.5 cents of every physical dollar collected, compared to 4.2 cents for every digital dollar.
It is not surprising that the company will continue supporting and developing projects that encourage contactless payments.
Michael Lemberger, head of products, Visa in Europe, spoke to Finextra and said:
“Visa played an important role in partnering with Transport for London (TfL). We are applying the expertise which has led to more than one billion Visa contactless journey on TfL to help mass transit operators around the world move away from cash and tickets to contactless payments on buses and trains.”
It is to be seen how the company will realize their business plans into practice.