Singapore – With half of commuters in Asia Pacific using four or more different payment methods for transportation each month, Visa’s ‘Global Urban Mobility Survey’ conducted by Wakefield Research shows that 58% of respondents expressed a desire to use a single payment method for all transport modes, which would encourage them to use public transport more.
The study surveyed commuters across Australia, Indonesia, Japan and Singapore, with 96% of respondents expecting public transport providers to offer contactless payment methods, and 65% of respondents likely to use a contactless payment option for their public transport needs.
These options include contactless debit, credit or prepaid cards. Benefits cited for leveraging contactless payments include convenience, having less worry about the amount of cash on hand, and a guarantee of the best possible fare through fare capping limits.
That being said, the study also shows that half of commuters are willing to use public transport on a more frequent basis if they are fare-capped. Contactless payments guarantee exact fares for transit riders as opposed to other methods such as cash. Fare capping also limits how much a commuter pays for their total rides in a day, week or month, eliminating the need to tie up funds.
Talking about the results, T.R. Ramachandran, head of products and solutions at Visa Asia Pacific, said, “The study reveals a strong demand among commuters in Asia Pacific for seamless and convenient payment options in public transportation. At Visa, we continue to work closely with governments and transport operators to offer a unified payment experience that accommodates a wide range of payment methods to boost urban mobility by focusing on customer convenience.”
“Digital payment methods for public transport play a key role in supporting underbanked and unbanked individuals, for which public transport remains a necessity. As a leader in digital payments, Visa is committed to ensuring inclusivity in the urban mobility ecosystem through accessible financial solutions,” he added.
