Visa to Transform the Mass Transit Experience Worldwide – No More Fumbling for Cash or Paper Tickets
November 13 2017 - 3:01AM
Business Wire
- Visa introduces innovative worldwide
program to accelerate seamless, friction-free commuting with
contactless payments
- The new Visa Ready for Transit program
incorporates new standards that will simplify the certification of
payment solutions for operators and transit solution providers
- A new team assembled from
transportation, technology and payments industries to provide
expertise and support
- Visa’s Innovation Center in London to
focus on the future of transportation, investigating cutting-edge
technologies and tech integrators
Visa (NYSE:V) today launched Visa Global Transit Solutions, a
new program designed to accelerate the use of debit, credit and
pre-paid accounts at the fare gate or on a bus reader, speeding up
and creating a more convenient experience for mass transit
commuters worldwide.
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Visa sets out to transform mass transit
experiences worldwide and reduce fumbling for cash and paper
tickets (Photo: Business Wire)
“Visa is the best way to pay and be paid everywhere and on any
device. 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,” said Michael
Lemberger, head of products at Visa in Europe. “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 journeys on TfL to help mass transit operators
around the world move away from cash and tickets to contactless
payments on buses and trains.”
“We work hard to make public transport in London easy for
everyone and developing contactless ticketing has been a huge part
of this,” said Shashi Verma, Chief Technology Officer at TfL. “More
than 40 percent of pay-as-you-go journeys are now made using
contactless cards or mobile devices and we have already seen cards
from more than 100 countries around the world using our system. 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. Without our close partnership, we would not have seen
the huge benefits to customers that contactless ticketing has
already delivered in London.”
The new Visa transit program helps mass transit operators and
technology providers of any size add contactless as a fare option
at the gate. The global program consists of:
- Consulting: The Visa Global
Transit Solutions team is comprised of a central group in London
and dedicated regional specialists around the world who will
support contactless payments implementations, providing guidance
and hands-on assistance. Together, the team has more than 50 years
of experience working directly with, and for, mass transit
operators and related industries.
- Frameworks: Visa has created the
Mass Transit Transaction model, a back-office framework to manage
contactless payments regardless of transit operators’ size or fare
structure. The Visa model enables operators to offer a range of
flexible fares, including fixed fares, distance- and time-based
fares, and multi-modal fares, as well as features like fare
capping, concessions, and delay refunds.
- Tools and Standards: An
important part of Visa Global Transit Solutions is the expansion of
the Visa Ready program to include payment technologies available to
mass transit operators. Visa Ready for Transit enables technology
companies to become Visa Ready certified, giving mass transit
operators the peace of mind that the technology solution they
choose meets Visa’s high standards for security. As the initial
Visa Ready for Transit program participants, Worldline and Vix
Technology will help to offer new, open loop contactless solutions
to transit operators globally.
- Future of Transportation: Visa
is looking at the complete end-to-end consumer experience, making
the Innovation Center in London the natural epicentre for future of
transportation commerce options, including automobiles, air travel,
and mass transit. The Visa team will engage with transit operators,
technology enablers, fintech companies and others to examine all
aspects of the consumer journey and engage in the co-creation of
new travel experiences.
Visa’s recent Cashless Cities report notes that digital payments
have the potential to significantly decrease costs associated with
transit and toll systems maintained by municipal governments. The
study found that transit agencies spend an average of 14.5 cents of
every physical dollar collected, compared to only 4.2 cents for
every digital dollar.
Visa recently launched a series of events for transit operators
and technology companies to learn more about the various
initiatives being developed by the Transit program. The first event
was held in London with future events to be held in Dubai, New
York, and Singapore.
Over the coming months, the Visa Global Transit Solutions
program will further expand to include new offerings ranging from
fraud management and back-office capabilities to loyalty and
marketing programs aimed at optimising the customer experience.
The Visa Global Transit Solutions team has implemented a dozen
transit solutions to-date in Europe and currently has new projects
underway in Asia, North America and Europe – all focused on
customer propositions that reduce the hassle of using public
transport. Acceptance of contactless payments across the globe has
increased significantly in recent years – particularly in Europe,
where today over 40 percent of Visa’s face-to-face transactions are
contactless (source: Visa Europe Processed Data, June 2017).
About Visa Inc.
Visa Inc. (NYSE:V) is the world’s leader in digital
payments. Our mission is to connect the world through the most
innovative, reliable and secure payment network - enabling
individuals, businesses and economies to thrive. Our advanced
global processing network, VisaNet, provides secure and reliable
payments around the world, and is capable of handling more than
65,000 transaction messages a second. The company’s relentless
focus on innovation is a catalyst for the rapid growth of connected
commerce on any device, and a driving force behind the dream of a
cashless future for everyone, everywhere. As the world moves from
analog to digital, Visa is applying our brand, products, people,
network and scale to reshape the future of commerce. For more
information, visit our website (www.visaeurope.com), the Visa
Vision blog (vision.visaeurope.com), and @VisaEuropeNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20171113005429/en/
Visa Inc.Europe:Rica Squires, +44 (0)20 7795
5336europeanmedia@visa.comTwitter: @VisaEuropeNewsorNorth
America:Kryssa Guntrum, 1-415-805-4488kguntrum@visa.com
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