Convergence between payments, transit ticketing and mobility services is creating new technical and business challenges for India’s traditional urban mobility ecosystem. For public transport operators and authorities (PTOs and PTAs) to succeed, standardization and greater technical support will be essential to harmonizing these ecosystems.
Two major trends stand out in today’s payments acceptance ecosystem: globalization and digitalization. We’re all transacting, operating and trading on an increasingly global stage, while new payment types and form factors are delivering better, more seamless services to consumers. For payments stakeholders however, navigating budgetary restraints and technical and compliance challenges is making innovation complex.
Account-based ticketing, or ABT, is high on the transport industry’s agenda. It offers travellers choice and flexibility in the fare media they use – whether that be a smartphone, wearable, smartcard, a bank card… or a combination. Plus, with data hosted remotely, operators can realise several operational efficiencies and benefit from stacks of new data.
Transport Ticketing Global has rapidly become the event for the transport ticketing industry, growing in popularity year on year. So much so, in fact, that the audience has outgrown the conference’s Old Billingsgate venue in London and is set to move across town to a bigger space next year.
Standards. They form a huge part of what FIME does, and in the world of payments, they’re far from new. Yet, despite a lot being achieved in the last few decades, there is still work to be done to realize true standardization and, more crucially, interoperability.
Banks and merchants are experiencing unprecedented change. And while this presents significant opportunities, it also requires stakeholders to overcome a range of challenges to get ensure the pieces of its strategic puzzle are all in the right place.
Transport ticketing is an interesting and complex ecosystem that’s seen a rapid period of evolution in recent years. To sift through the industry’s buzzwords and help make sense of the latest trends and technologies, we sat down with FIME’s resident transport experts, Myung-Hwa Calais and Ranald Freestone.
Key takeaways from Amsterdam’s Money 20/20 Europe.
Open banking. In the last year or so, this concept has given Europe’s financial world a lot to grapple with. The implementation of some pretty historic legislation (did someone say PSD2?), and the entry of a number of agile new players, have seen banking and FS in Europe turn a corner into a new, customer-centric age.
Traveler expectations are at an all-time high. In the age of on-demand, mobile services and the convenience of ‘tap-and-go’ technology, the public transport industry is under increasing pressure to deliver the same, high-quality interoperable experience with its ticketing solutions.
China’s love affair with mobile has grown rapidly. With the staggering popularity of mobile-based social applications such as WeChat, its unsurprising over 70% of handsets in the country are now smartphones. But being social isn’t the only mobile driver, as payments are gathering some serious momentum too.