Exclusive: NFC Wallets Grow as Share of Contactless Fare Payments and Not Only Because of Covid
Transit agencies that have rolled out open-loop contactless payments are seeing growing use of NFC wallets to pay fares, as Covid-wary passengers see convenience in tapping their phones or wearables to pay.
In-Depth: Contactless Transactions Soar, but Transport for London Affirms that Oyster Will Remain Payments Option
Contactless open-loop payments have surged in recent months for Transport for London, returning to their steep growth trajectory before the pandemic, and now account for 70% of all pay-as-you-go, or PAYG, trips on the London Underground and two-thirds of PAYG trips on buses. And contactless has surpassed 50% of all trips–including those made with season tickets (see new chart below).
Transport for London to Offer Weekly Fare Capping with Oyster Cards; Move Expected to Drive Even More Riders to Pay as You Go
In a move expected to make Transport for London’s pay-as-you-go model even more dominant and further erode support for season tickets and other period travel passes, the agency today said it will introduce weekly fare capping for PAYG transactions with its closed-loop Oyster card on rail and Underground trips starting Monday– years after it began supporting the feature for open-loop contactless payments.
Panel: Closed-Loop Payments Expected to Remain an Option for Years to Come Despite Growth of Open Loop
While the trend today is for more transit agencies to introduce open-loop fare payments, closed-loop cards, either in physical form or dematerialized on smartphones and wearables, will be with us for many years to come–though perhaps in a reduced role. That’s according to a recent panel discussion at the Mobility Payments Asia Pacific 2021 conference.
More Transit Agencies Seek to Eliminate Cash Using Retail Cash Points, Fintechs
In the wake of the Covid-19 pandemic, elimination of cash has taken on greater urgency for transit agencies. Fare-collection system suppliers say they are seeing strong demand for cashless options, including linking their mobile ticketing and contactless closed-loop card products to retail networks where customers can use cash.
UK Public Transit Officials in Midlands Seek to Replicate London’s Success in Pay-as-You-Go Contactless
Transit officials in the Midlands in the UK are calling on the government to fund a London-style contactless fare-payments system across this large section of the country, which would enable riders to tap to pay for trips on rail, bus and tram networks with either closed- and open-loop cards and credentials on smartphones.
NFC Wallets Make Up Growing Share of Contactless Payments on London Transit
Use of NFC wallets continues to steadily increase as part of Transport for London’s landmark contactless payments service, with payments from NFC-enabled smartphones and smartwatches now accounting for 20% of all contactless payments, NFC Times has learned.
In-Depth: 5 Years After Transport for London Launched Contactless Across Transit Network, Open Loop in UK Remains Uneven
Five years ago next month (September 2019), Transport for London introduced open-loop contactless payments across its transit network, including metro, trams and commuter rail, following an earlier launch on buses. The service now accounts for more than half of all pay-as-you-go journeys and has become a global showcase for the technology.
Oyster Card Here to Stay Despite Strong Growth of Contactless Fare Payments in London
As more and more transit authorities globally seek to emulate Transport for London’s success in gaining widespread adoption for contactless open-loop fare payments, they should take note that London’s closed-loop Oyster card remains popular, even among visitors to the city.