ADOPTION: Capped contactless fare payments are a key driver for more frequent usage of public transport
Visa has processed more than 1bn contactless fare payments on transit systems around the world over a period of 10 months, signalling “rapid growth” in the uptake of digital payment options, the card network reports.
“Europe accounts for the largest share of these transactions, including over four million a day on Transport for London’s system alone, but every single region is growing; with North America already accounting for approximately one in five contactless taps on transit,” Visa says.
“The rapid growth in digital payments serves as proof for just how attractive this option has become for consumers.”
In July, Visa’s 2022 Future of Urban Mobility Survey identified capped contactless fare payments as a key driver for more frequent public transportation usage and revealed that 91% of users expect transit services to offer contactless fare payment options.
Visa reports rapid growth in contactless fare payments worldwide was written by Tom Phillips and published by NFCW.