O-CITY Joins the Visa Ready for Transit Program to Drive Contactless Payments for Mass Transit Systems Globally
- Accelerated by the global COVID-19 pandemic, the world is rapidly embracing contactless payments across all public transportation benefiting millions of passengers worldwide
- Acceptance to the Visa Ready for Transit program is a milestone for O-CITY, which is already operating in over 100 cities worldwide
- Joining the program will fast track O-CITY's availability globally with the adoption of best industry standards, the affiliation to the Visa network and co-innovation with all members to further drive contactless payment adoption
LONDON, June 30, 2020 /PRNewswire/ -- BPC's smart city payment division, O-CITY, has joined the Visa Ready for Transit program for mass transit systems. Visa Ready for Transit program is designed for companies, like O-CITY, whose technology products and capabilities are helping transit agencies and riders realise the benefits of tapping to ride with a contactless card or digital wallet. Acceptance to the program means that O-CITY is a now certified partner and available to cities globally to accelerate their digital transformation.
With Visa Ready, O-CITY will overcome traditional public transport challenges
Transit authorities traditionally use their own proprietary systems to accept payments for bus, metro, train or tramway journeys. These systems use closed-loop cards, which are built solely for a specific transport mode and cannot be used to pay for anything else. Such systems are expensive and inflexible, and they force transport agencies to be their own bankers.
Visa Ready is bringing together all players in the ecosystem to drive the adoption of open-loop systems. For transport agencies, the adoption of an open-loop system frees them from the hassle of building and maintaining a complex payment system, allowing them to focus on offering the best traveller experience as travellers can pay with the mobile phone or card they already have.
The move to contactless open-loop payments will positively impact the daily lives of millions of passengers worldwide. Both transport agencies and customers will win, and fares should be reduced, enabling greater inclusion and access to public transport.
Tokhir Abdukadyrov, SVP of smart city and transport solutions, BPC, commented: "The world is rapidly embracing contactless payments across all public transport; a situation that will only be accelerated by the COVID-19 global pandemic. With contactless payments, everyone wins. The traveller's experience is significantly improved and you see a significant increase in the adoption of contactless digital payments to access citywide transit systems. Digital ticketing can increase loyalty and revenues. Acceptance into the Visa Ready program represents a key milestone in O-CITY's plans to drive digital transformation in collaboration with transport operators worldwide."