As part of its long-term plan of broadening its market and the convenience of its service, Visa has just launched their project of contactless payments for public transportations. Now, the NYC can pay their cab, bus, or even their subway fares through mobile phones.
Jim McCarthy, global head of the product, Visa Inc. points out that the biggest advantage of paying for your fare via Visa are “improved speed, security, and convenience. No longer will you have to fish your pocket for some loose change and rummage through your bag for some bills and end up losing some ID’s and some valuables in the process. Drivers will also get some benefits from Visa as the quicker mode of payment saves them a lot of time they would rather spend looking for another rider than counting the change. “Accepting Visa means better customer service, integrated collections, and the potential for increased ridership,” says McCarthy.
In NYC, Visa uses the payWave technology, a microchip inserted in phones. All a ride has to do is hold their phones at a reader, and they’re off. As part of the test run, numerous readers are now outfitted in subway turnstiles, and cab backseat readers are also increasing by the numbers.
Aside from the NYC, Los Angeles has previously used the Visa system that uses prepaid cards instead of mobile phones to pay for their fare. International cities such as Kuala Lumpur, London, Paris, Seoul, and Singapore have all successfully used Visa as a payment system for commuters. Looks like the world may be in its first step to a moneyless way of travelling.