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When Visa co-founded the Urban Mobility Open Payments Forum (UMOPF) with UITP less than two years ago, the mission was simple: advance open-loop payment systems in public transport across the globe. In doing so, the company aimed to help cities create efficient, inclusive, and sustainable door-to-door travel experiences.
It’s still the early years of this shared journey with UITP, but Visa is steadfastly moving forward in its effort to leave no rider behind. Visa’s work with the UITP and its members is enabling smoother journeys not only for millions of people boarding their local rail or bus systems, but the many cities looking to bring these innovations to their populations.
This year, Visa is proud to sponsor the UITP Awards to help shed light on some of the most ambitious and innovative urban mobility projects worldwide, including the Diversity and Inclusion category, which resonates to the very core of Visa’s mission to uplift everyone, everywhere.
Here’s how inclusion in transit is already coming to life:
New research from Visa and Wakefield Research found that 51% of public transit riders are using four or more payment methods for public transit each month – highlighting the need for greater unification of mass transit payment systems. Cities need to be able to offer more seamless and resilient transport solutions that can span a wide range of choices without the costly and lengthy process of building bespoke technology.
Visa and the UMOPF are helping drive inclusion in cities by offering simple, turnkey open-loop payments technology that can quickly be brought to market across disparate transit systems. As a vital part of the company’s Value Added Services, Visa’s work in the urban mobility space has already brought 650 tap-to-ride projects to life around the globe, helping to boost ridership by an average of 9.5%.
Open-loop payments can help facilitate further adoption of mass transit – a boon for transit agencies.
Visa and Wakefield Research also found that 45% of transit riders would be more open to trying different forms of public transit if they were able to cover all transport payments using just a single payment method.
Ridership on transit systems is anticipated to continue to grow: Visa found that 42% of public transit riders plan to use public transit even more in the coming year. By creating a payments system that transcends transit type, agencies can ensure more choice for their riders and inclusion for the different types of travel.
Perhaps this is why 83% of transit agencies that do not currently support open-loop solutions plan to implement them, most within the next two years.
At the end of the day, it’s all about driving inclusion for many when it comes to ridership. Open-loop technology has already demonstrated how it can serve all passenger types, either via passengers’ existing payment credentials or using instantly-issued and physical Visa Prepaid and Private Label credentials.
Two-thirds of agencies surveyed this year said that the use of prepaid cards was an effective solution for meeting the needs of people without credit or debit cards. Crucially, the benefits of prepaid open-loop technology extend far beyond transportation; it helps form an integral component in driving broader financial inclusion. Digital payments help make it easier to support those riders who may not have a bank account today, enabling them not just to get onboard, but to get on in life, in an increasingly digital world.
As our journey with the UITP continues, we remain committed to helping to liberate the full potential of urban transportation through innovation in digital payments, and are committed to the positive outcomes this is bringing to passengers, transport operators, and our cities. If we can help you on your own journey, please don’t delay in contacting us, our teams are ready to help.
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