Mastering the challenges of frictionless fare collection
Mobility is one of the key success factors for economic growth and therefore, it is increasingly becoming an issue that governments and public transportation companies need to address.
Investing in a good public transport infrastructure is only part of the equation. Operators of public transport services need to look for efficient ways to collect fares and provide simple and convenient payment options to make the service attractive to passengers. At the same time, it is paramount to keep operating cost under control and increase turnover.
Current ticketing systems, whether those are cashbased or digitized, do not always cater for these requirements, making it challenging for transportation service operators to roll out frictionless solutions to their end clients.
Automated Fare Collection offers greater levels of transparency, not only for ticket prices but it also significantly reduces the levels of abuse, theft and corruption as the payment for transport fares will occur through the collection facility rather than in cash.
Service operators need efficient yet flexible tools to run their business. By centralizing all processing and data in the core services layer rather than rolling out pieces of information across dispersed systems, the operators can better control and operate the system on a day to day basis and data will become available 24/7 and in real time.
Account based ticketing does not require an organization to issue special cards or tickets as it can leverage mobile devices or existing identifiers. By eliminating the need to install ticket offices, removing the cost of cash collection and the costs associated to encoding, processing and distributing tickets, the overall cost of operating the system can be reduced significantly.
Customers can pay for their fares from a single account, topping up this account with a payment instrument of their choice. Passengers do not have to worry about anything except identifying themselves when starting their journey and the service will take care of everything else, including finding the best rate.
DownloadThe SmartVista Automatic Fare Collection solution enables a complete ‘build and operate’ service, accepting any means of payment and adopting the principal of “bring your own access ID” the system does not depend on the existing infrastructure and offers both system operators and consumers the ability to choose the most convenient options.
Agent Banking is aimed to support agent and microfinance banking services for unbanked and underserved communities. Supporting the full range of transactions, we bring banking to the people.
SmartVista’s eCommerce engine provides a secure, state-of-the-art gateway for internet payment processing.
Open banking is set to have a major impact on the financial services industry. In the last few years, open APIs have gained traction and financial institutions are revisiting their channel and partner strategies accordingly. The revised Payment Service Directive, known as PSD2, is one of the driving forces behind this evolution. The European Commission…
For banks and FIs ready to upgrade their payments platforms to maintain pace with customer demand, it can appear that ‘rip and replace’ is the only option. Of course, full system replacement has its benefits; an ‘off the shelf’ solution will typically be better supported, better suited to future innovation and easier to implement as…
In a rapidly changing market, the financial and skills challenges connected with maintaining outdated legacy payments technology are escalating. The painful truth for many financial institutions is that replacement may be the only viable long-term option to future-proof their businesses, comply with regulation and remain competitive. Viewing the replacement of a legacy system with trepidation…
