Visa wants to go contactless around the world
Last month, cashless transaction titan Visa took its contactless payment technology global. The company launched Visa Global Transit Solutions (VGTS), which will allow: “mass transit systems to incorporate contactless payment readers at fare gates or on buses” to allow travelers quicker payment options. The system builds on valuable experience that Visa gained supporting Transport for London (TfL) system, which acted as a prototype for VGTS. The company will be hoping that global travellers share Londoners’ love for reduced waiting times and greater convenience.
Visa’s share price has appreciated by 36% so far this year
SOURCE: Yahoo Finance
Michael Lemberger, head of products at Visa Europe, said:
“Visa is the best way to pay and be paid everywhere and on any device. We want to make the transportation experience faster, easier and more secure whether someone is traveling by car, flying on holiday or taking public transportation to work. Visa played an important role in partnering with Transport for London (TfL). We are applying the expertise which has led to more than one billion Visa contactless journeys on TfL to help mass transit operators around the world move away from cash and tickets to contactless payments on buses and trains.”
Shashi Verma, chief technology officer at TfL was keen to extol the benefits of contactless payments – suggesting that there will be a considerable market for the service globally. He said:
“We work hard to make public transport in London easy for everyone and developing contactless ticketing has been a huge part of this. More than 40 per cent of pay-as-you-go journeys are now made using contactless cards or mobile devices and we have already seen cards from more than 100 countries around the world using our system. To get to this point, a lot of things needed to change about how the payment industry worked, including the creation of new payment rules. Without our close partnership, we would not have seen the huge benefits to customers that contactless ticketing has already delivered in London.”
If those “cards from more than 100 countries around the world” can be convinced to use a similar system at home to the one they used in London, Visa could be about to redefine how we pay for travel worldwide.
Dominion holds Visa in its Global Trends Ecommerce Fund.
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