Transforming Transportation
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Discover one of the articles from our brand new magazine, the Belgium Fintech Magazine - #1 Dec 23
Transforming Transportation: Visa’s Vision for a Seamless and Secure Smart Mobility Future
An interview with Richard Campion, Head of Fleet and Business Mobility at Visa
Visa aims to contribute to the development of efficient, connected, and sustainable urban mobility solutions.
Visa has spent the last 15 years working to help simplify and streamline the process of modernizing fare collection systems across all forms of urban mobility, from traditional publicly-owned road and rail mass transportation, to privately-run micro-mobility options such as bike and scooter sharing. “By seamlessly integrating different modes of transport and enabling secure digital payments, Visa’s projects in smart mobility aim to provide customers with the convenience of multi-modal journeys, empowering them to make informed decisions and promoting enhanced efficiency and environmental consciousness in city travel,” says Richard Campion, Head of Fleet and Business Mobility at Visa.
Through collaborations with transportation providers, technology companies, and mobility platforms, Visa works towards interoperability and a streamlined user experience, ensuring that customers can easily access and utilize various transportation options such as public transit, ride-sharing, and bike-sharing. “Payments plays an essential part in the use of all transportation means, and they will continue to play an even more central role in the future. Visa has enabled so far over 700 cities with new contactless transit system around the world, including more than 200 in Europe. We are proud to contribute to bringing this innovation to cities and metropolis around the world, as it is a simpler, easier, safe, and more convenient way of using public transport, both for those who work and live in the city, and for those who visit it,” adds Campion.
The data shared in the process is highly invaluable. “Our latest study called “Reimagining Ridership” shows a nearly 10% average ridership increase following the introduction of open loop payments, demonstrating that people are seeing the benefit of getting on board more easily. Contactless payments provide easy access to transit and an improved experience for regular riders, infrequent riders, and visitors. 36% have also encouraged their family and friends to use public transport, and 37% are more spontaneous in their use of public transport. ” remarks Campion.
Potential for Fintech’s in Smart Mobility
Fintech companies play a multifaceted role in the smart mobility space, extending beyond payment solutions. With their innovative technologies, services and partnerships, Fintechs have the potential to make significant contributions. They excel in providing seamless integration of mobility services, leveraging data analytics to generate actionable insights, offering personalized financing models, driving sustainable investments, enhancing user trust and security, and collaborating with smart city initiatives. “In fact, much of the innovation in the mobility sector has indeed been driven by Fintech companies, particularly in segments such as micromobility, ride-sharing, and travel applications. Recognizing the importance of sustainability, Visa has recently formed a partnership with Plan A, a sustainability technology company, to offer CO2 reporting solutions specifically tailored for fleets,” declares Campion.
This collaboration aims to provide fleet operators with valuable insights into their carbon emissions, enabling them to make informed decisions and take proactive measures to reduce their environmental impact. By integrating CO2 reporting into their services, Visa and Plan A contribute to promoting greener and more sustainable practices within the mobility industry.
Visa’s long-term Vision in the Smart Mobility Space
Visa envisions a future in the smart mobility space where consumers and businesses have the utmost flexibility to choose the payment method that best suits them. This vision aligns with Visa’s commitment to providing seamless, secure, and convenient payment solutions across various industries, including smart mobility. Whether it’s tapping a card on a reader, using a smartphone app, or utilizing innovative payment technologies, Visa’s goal is to ensure that payment experiences in smart mobility are seamless, secure, and tailored to individual needs. “EV charging is a great example where Visa has worked with charge point operators to implement contactless payments at EV chargers to make paying for an EV charge as simple as buying a cup of coffee. This not only streamlines the payment experience for EV owners but also contributes to the growth of the electric vehicle market by eliminating friction in the charging process,” asserts Campion.
Driving Innovation Through Embedded Payments
Embedded payment capabilities have tremendous potential for B2B businesses, offering a gateway to create innovative solutions that are perfectly aligned with evolving customer demands and preferences. By seamlessly integrating payment functionalities into products, services and platforms, companies can unlock new possibilities and drive meaningful change in the way they engage with customers.
“For instance, B2B fleets are currently experiencing a transformative period characterized by the transition towards sustainable fuels and the increasing need for digital payments. Visa’s Fleet payment solutions recognize these industry shifts and offer a comprehensive approach to address the evolving requirements of fleet operations. One key aspect is the ability to shorten the onboarding journey for fleet drivers, enabling them to leverage Visa Fleet Cards for a wide range of expenses beyond just fuel. This expanded usability enhances convenience and streamlines the payment process, empowering drivers to make necessary purchases while minimizing administrative burdens,” shares Campion.
It must be noted that while providing flexibility, Visa’s Fleet payment solutions maintain a strong focus on spending controls and security. Robust mechanisms are in place to monitor and manage spending, allowing businesses to set specific spending limits and transaction parameters. This ensures that fleet expenses remain within predefined budgets and align with company policies. Also, Visa’s enhanced data solutions will provide further information for Fleet operators in order to manage the total cost of ownership of the fleet and seek further efficiencies.
The Future of Smart Mobility
With advancements in technology, such as autonomous vehicles, electric mobility and connected infrastructure, smart mobility holds the promise of creating a safer, more efficient and sustainable transportation ecosystem. “Smart mobility will surely reimagine transportation and enhance accessibility. It will transform the way we experience and interact with our urban environments. I look forward to a scenario where a traveler can use multiple methods of transit to commute efficiently across a city and use a single payment method to stitch together the individual journeys,” concludes Campion.
By Chris Crespo / Nordic Fintech Magazine
Published and Distributed by FinTech Belgium asbl
Contact: Alessandra Guion - CEO
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