Tuesday, November 14, 2017
Michael Lemberger, Head of Products at Visa Europe, said Visa is working with Transport for London (TfL) to improve public and private transportation. The companies plan to leverage worldwide contactless payments, which account for 40 percent of Europe's in-store payments. "We want to make the transportation experience faster, easier and more secure whether someone is traveling by car, flying on holiday or taking public transportation to work," he said. The effort appears to be working: TfL has logged more than 1 billion Visa contactless transactions and expects to see more electronic payments across all transportation venues in the future, Visa noted.
Shashi Verma, Chief Technology Officer at TfL, said pay-as-you-go passengers from more than 100 countries use mobile devices and contactless cards on London's transit systems. Their transactions comprise 40 percent of overall mass transit volumes. "To get to this point, a lot of things needed to change about how the payment industry worked, including the creation of new payment rules," he stated. "Without our close partnership, we would not have seen the huge benefits to customers that contactless ticketing has already delivered in London."
Additional value-added services, including fraud management and back-office tools, will be added to Visa's Mass Transit Transaction framework, Visa representatives stated. Built to manage multiple types of payments and transportation methods, the platform contains the following attributes:
Cashless Cities Report authors additionally noted that urban populations are expanding across the globe. They see greater growth potential in "digitally mature" cities. Bucharest recently installed contactless payment terminals in all its metro stations; other cities are adopting similar initiatives to improve efficiencies and scale, they observed. "With the pace of this digital change accelerating around the world, national and municipal governments are embracing smart technology and cashless payment solutions," the authors wrote. The report is available at usa.visa.com/dam/VCOM/global/visa-everywhere/documents/visa-cashless-cities-report.pdf .
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