One hundred partners enrolled in Visa Inc.’s global transit partner program, Visa Ready for Transit, giving transit agencies access to an expanded network of technology solutions and expertise to make it easier to get around.
Transit agencies are recognizing the benefits of enabling contactless payments at turnstiles and on buses. Tapping to ride with a contactless card or digital wallet helps riders save valuable time by avoiding the need to pre-purchase a ticket, manage a standalone transit card, or stand in line to reload their fare card. Visa helped to launch 60 new transit projects in the past year alone, and projects that are live currently are seeing positive adoption with a 40% year-over-year rise in contactless transit transactions, according to the company.
By selecting a technology provider or consultant to support a project through Visa’s transit partner program, transit agencies can simplify the process of identifying the right partner and expertise, streamline testing and implementation, and expedite overall time-to market, according to a Visa press release.
Contactless transit solutions have been shown to streamline fare collection and reduce operational costs while helping to boost ridership through an improved customer experience. The Visa Ready for Transit program provides transit agencies with access to 100 partners worldwide with market-leading solutions and capabilities to support key aspects of next generation fare systems, including ticketing and fare collection, and back office management. In addition to technology providers, Visa’s partner program includes leading consultancies that can support transit agencies through access to technical documentation and expertise in designing and delivering solutions based on these frameworks.
Consumers around the world continue to choose tapping to pay as the preferred way to check out, with more than 50% of Visa face-to-face transactions outside the U.S. occurring with a tap. More than 100 million Visa contactless cards have been issued in the U.S., with 300 million expected in 2020, according to Visa.