Video: Contactless payments are revolutionising transit globally

Partner Content, Technology | Thu 11 Jul | Author – Business & Finance

Cities around the world are using contactless payments for public transport, making the process smoother and friction-free for consumers and providers. 

PARTNER CONTENT IN ASSOCIATION WITH VISA

No more scrabbling for change for a bus fare. Contactless payments come into their own on public transport systems, where the efficiency and convenience provided are perfectly suited to make everything move faster. 

Using a debit card or a phone to tap, negating even the need for a Leap card or equivalent (which needs to be refilled) will further streamline the process in cities across the world. 

As urban areas become more densely populated and congested, every efficiency which can streamline the movements of commuters and keep things flowing is important. There are already numerous open-loop payment systems (as opposed to ‘closed loop’ prepaid cards specific to a provider) operated by public transport providers around the world, reducing operating costs, creating efficiencies and an improved, simplified customer experience. 

Customers save time on acquiring and topping up cards, and there is a strong business case for providers, shifting the liability to banks, and reducing their costs of providing ticket offices and ticketing machines, printing tickets and so on, thereby reducing the cost of fare collection. Contactless payments for transport is a win-win for both transit authorities and consumers. 

Watch the video below, as Philip Konopik, of Visa Ireland, discusses how Visa is working with transport authorities all over the world to create greater consumer convenience through contactless payments, for every mode of transport.