Convenience, accessibility and diversity are the key words for transportation fare collection in 2012. Momentum is building toward transit operators allowing riders to pay with contactless debit and credit cards as well as mobile phones for their transit fares.
The progression of transit ticketing systems into open payment systems is primarily being driven by the introduction and widespread adoption of contactless debit and credit cards as well as new programs designed for processing low-value transactions.
By operating in compliance with EMV, an open standards specification for smart card payments, transit operators can directly accept contactless bank cards as a form of payment at the rider’s point of entry. This gives riders the benefit of being able to use the same card to pay for transit fares as well as purchase goods and services at retail locations such as markets and clothing stores.
Customers benefit from open payment because their contactless debit or credit card acts as a 24-hour ticket office, meaning that riders no longer have to worry about carrying exact change, or waiting in line to purchase tickets or add value to their card. The back end system will automatically calculate the cheapest and best fare for each trip being taken, saving riders both time and money.
Contactless payment doesn’t just benefit the customers though; there are numerous benefits for transit operators as well. This includes eliminating the cost of issuing tickets and cash collection, reducing transaction acquiring fees, and increasing public transit usage.
To learn more about Cubic’s automated fare collection and contactless payment offerings visit cts.cubic.com.