Visa On Board To Transform Mass Transit Payments
Anyone with a credit card, debit card, prepaid card, or secured credit card will be able to pay for transit tickets in London and other major cities without having to deal with paper tickets or cash, thanks to innovative new payment solutions from Visa.
Visa Global Transit Solutions is a new program that will facilitate debit, credit, and prepaid payments on buses and trains, making mass transit quicker and more convenient for riders. Michael Lemberger, head of products at Visa in Europe, said the company is dedicated to making transportation “faster, easier, and more secure, whether someone is traveling by car, flying on holiday, or taking public transportation to work.”
Lemberger said there have already been over one billion contactless journeys in London alone, using Visa secured credit cards, debit cards, prepaid cards, and regular unsecured credit cards. The company is using what they’ve learned from those transactions “to help mass transit operators around the world move away from cash and tickets to contactless payments on buses and trains.”
Visa’s Innovation Center in London has been the focus of the company’s transport development, working with cutting-edge technology to grow their contactless payments program.
Cashless payments have the potential to decrease costs
Visa’s recent report on contactless payments, called Cashless Cities, found that digital payments could significantly lessen costs for transit and toll systems worldwide. According to the study, transit agencies spend an average of 14.5 cents per dollar collected when using cash, versus 4.2 cents per digital dollar collected. This translates to potentially great savings for transit companies, and a huge incentive to get customers to use cards rather than cash.
Using cards to pay for transit tickets would benefit consumers as well as transit companies. By using their secured credit card, debit card, or prepaid card, travelers could avoid having to carry and keep track of cash. Using a rewards credit card would also allow them to earn reward points, cash back, or miles for every dollar they spend on train or bus tickets.
Visa’s new Visa Ready for Transit program is geared toward creating standards to simplify the implementation of payment solutions for transit companies.