LONDON, June 30, 2020 /PRNewswire/ -- BPC's smart city payment division, O-CITY, has joined the Visa Ready for Transit program for mass transit systems. Visa Ready for Transit program is designed for companies, like O-CITY, whose technology products and capabilities are helping transit agencies and riders realise the benefits of tapping to ride with a contactless card or digital wallet. Acceptance to the program means that O-CITY is a now certified partner and available to cities globally to accelerate their digital transformation.
With Visa Ready, O-CITY will overcome traditional public transport challenges
Transit authorities traditionally use their own proprietary systems to accept payments for bus, metro, train or tramway journeys. These systems use closed-loop cards, which are built solely for a specific transport mode and cannot be used to pay for anything else. Such systems are expensive and inflexible, and they force transport agencies to be their own bankers.
Visa Ready is bringing together all players in the ecosystem to drive the adoption of open-loop systems. For transport agencies, the adoption of an open-loop system frees them from the hassle of building and maintaining a complex payment system, allowing them to focus on offering the best traveller experience as travellers can pay with the mobile phone or card they already have.
The move to contactless open-loop payments will positively impact the daily lives of millions of passengers worldwide. Both transport agencies and customers will win, and fares should be reduced, enabling greater inclusion and access to public transport.
Tokhir Abdukadyrov, SVP of smart city and transport solutions, BPC, commented: "The world is rapidly embracing contactless payments across all public transport; a situation that will only be accelerated by the COVID-19 global pandemic. With contactless payments, everyone wins. The traveller's experience is significantly improved and you see a significant increase in the adoption of contactless digital payments to access citywide transit systems. Digital ticketing can increase loyalty and revenues. Acceptance into the Visa Ready program represents a key milestone in O-CITY's plans to drive digital transformation in collaboration with transport operators worldwide."
Transport operators benefit from certified technology and business expertise
Visa Ready simplifies the process of identifying the right partner for automated fare collection and choose O-CITY to accelerate their digital transformation. O-CITY is ready to collaborate with transport operators worldwide on POC and innovative projects to further drive and accelerate the adoption of digital and contactless payments.
O-CITY is already being used worldwide by over 100 cities of all sizes, from Bogota to Nur-Sultan, Bishkek and Moscow. The expertise and experience gained by O-CITY of operations, technology and go-to market strategies can be transferred to other transport operators going through a similar journey of opening their system up to contactless payments.
Superior travel experience
O-CITY enables tap-to-pay for travellers using their existing Visa card, a mobile phone or a wearable device such as a smartwatch. The use of contactless payments at public transport gates is growing globally, removing the need for passengers to carry paper tickets, own an additional travel card or queue at a counter to top up a card or purchase a ticket. By using O-CITY, travellers can easily move just at the touch of their mobile, card or wearable, improving the flow of people at entry and exit gate points. Moreover, since contactless payment are pin-free, passengers do not need to halt at a gate, allowing them to enjoy a seamless experience from their departure to their destination.
Founded in 2018 and adopted by more than 100 cities worldwide, O-CITY is an innovative automated fare collection solution designed by BPC, a leading banking and payment firm with in excess of 230 clients across more than 80 countries. O-CITY was born from the vision of digitalising micro-payments as a key driver of a cashless economy while improving the well-being of citizens. With O-CITY, government, public transport operators and merchants can deliver a frictionless payment experience at every touch point leveraging smart, digital and open technologies. (tollgate, bus, train, subway, parking facility, bike rental or city tourist attraction). Citizens can move freely and make quick payments using their mobile or existing bank card, removing the need for cash or queuing at a ticket counter. www.bpcbt.com
Founded 25 years ago, BPC Banking, Payments: Context is what defines the organisation. The company has transformed over the years to deliver innovative and relevant solutions which fit with today's consumer lifestyle when banking, shopping or moving in both urban and rural areas, bridging real life to digital. With 230 customers across 80 countries globally, BPC collaborates with all ecosystem players ranging from tier one banks to neobanks, Payment Service Providers (PSP) to large processors, ecommerce giants to startup merchants, government bodies to local hail riding companies. BPC's SmartVista suite comprises of cutting-edge banking, commerce and mobility solutions including digital banking, ATM & switching, payments processing, card and fraud management, financial inclusion, merchant portals, transport and smart cities solutions. www.bpcbt.com
SOURCE BPC / O-CITY