Payments in transit: A look at the future of paytech on the go

The transportation sector has been shaped by several factors – global consumer expectations, technology, regulation and ownership, and now, of course, by the pandemic.

With contact-free payments playing such an important part in restoring consumer confidence across every sector, the industry that has led the way in contactless has an opportunity to innovate once again.

When transport operators first offered electronic payments in lieu of tickets, closed-loop proprietary smartcards were the big hope. From Oyster in London, UK, and Leap in Dublin, Ireland, to Navigo in Paris, France, smartcards were seen as the innovative answer to the question: How do we remove cash and paper ticketing from transit networks, to reduce costs and improve efficiency?

But, today, domestic transit networks are part of a global infrastructure which connects travellers across borders. Our expectation is that we can arrive anywhere in the world and our transit experience will be accessible, unlocked using the tools – cards and mobile devices – that we already have in our pockets. We expect access to information, to travel updates, to the cheapest fare options and to seamless payments, wherever in the world that we are.

There are clear benefits to implementing cashless transit services, for operators and users:

Consumers:

• Faster journey times
• Less queuing
• No need for change
• Safer and cleaner
• Personalised.

Operators/local authorities:

• Reduced admin and costs
• Increased security
• Valuable data and insight
• Enhanced user experience
• Safer and cleaner.

Download the ‘Payments in Transit’ whitepaper by Elavon Europe