1. Transit and payments are converging
Consumers are become increasingly accustomed to the flexibility and convenience of ‘tap-to-pay’ technology. As the transit industry looks to deliver the same superior service to travellers, its looking to the payments world to help ‘tap’ in to new revenue streams.
Mobility as a service (MaaS) was a key buzzword at the event: the idea of integrating multiple transit solutions, and adjacent and value-added services, into a simple, seamless system for travellers to navigate. But how do we achieve this vision?
Account based ticketing (ABT) solutions – where traveller’s funds are managed in a back-office account and ‘payment’ occurs automatically after travel – are also proving popular. Offering travellers the flexibility to use a variety of fare-media to identify themselves with- from mobile ticketing to smartcards- ABT also offers operators huge cost savings, simplified maintenance and improved security.
Following the great success of Transport for London’s implementation, more operators are looking to follow suit in integrating open-loop EMV® contactless payments, reducing the need for transit-specific payment cards. We’re already seeing increasing demand from transit operators for consultancy to help get to grips with the key payments technology, and this trend looks set to continue for years to come.
2. The next generation of payments
Payments as we know it are changing; how we pay, what we pay with and where we pay are in constant flux.
Mobile payments therefore remained a popular talking point. While NFC still dominated discussion, it was exciting to see more companies coming to us to discuss emerging alternatives such as HF soundwaves and BLE.
Following the moves made recently by FitBit and Garmin, integrating payments functionality into wearables is also rising to top of the agenda. Offering consumers a truly ‘on the go’ way to pay and a streamlined transaction process, payments are billed as the ‘killer app’ to ensure wearables achieve long-term adoption. When looking to launch these new ways to pay though, it is essential that devices are secured effectively, and both the device and service are thoroughly evaluated.
The terminal vendor market is also swiftly evolving, offering more holistic payments solutions. With growing adoption of mobile POS (mPOS) solutions and offerings delivering increasingly dynamic, valuable services beyond payment acceptance, the market’s maturity is clear. For those in the payments game, staying ahead of the latest developments is more important than ever.
3. Banking’s opening up…
As the clock ticks on towards the PSD2 deadline, open banking was on everyone’s lips in Cannes. Promoting transparency and increasing financial competition across Europe, banks need to become compliant with the legislation by January 2018.
As part of PSD2, banks are set to open their systems to third parties, enabling value added services for customers. But achieving compliance and ensuring the security of new systems and customer transactions is going to be a huge challenge for banks and our experts are already supporting a range of projects to navigate the smoothest path to compliance.
Once again, innovation remained at the heart of the event, as the industry looked forward to the technologies shaping the future. With new trends, regulations and specifications constantly emerging, it is definitely going to be an exciting few years.
What were your key themes from the event? Let us know on Twitter, get in touch here or meet us at other upcoming events we’ll be attending.
Once again, innovation remained at the heart of the event!
As the industry looked forward to the technologies shaping the future. With new trends, regulations and specifications constantly emerging, it is definitely going to be an exciting few years.
Watch the below video of Stephanie Pietri speaking at TRUSTECH to learn more about our key priorities for 2018.