The use of cash-only payments was
Visa, in collaboration with Stanford University, came up with these findings in one of the largest global studies examining the growing demand for public and private transportation, and the important role digital commerce plays in driving sustainable growth.
According to the UN[i], by 2050, 68
Building on Visa’s experience working with transit operators, automotive companies and technology start-ups, Visa commissioned a global study, “The Future of Transportation: Mobility in the Age of the Megacity” to better understand the challenges commuters face today and in the future. The key findings were combined with a view of existing and near horizon innovations provided by experts at Stanford University, to better understand the technology gaps in addressing their pain points.
The South African Perspective
Payments lie at the heart of every form of
Aside from cash-only payments, another commuter frustration when paying for public transport has been long queues – 67% of Johannesburg commuters and 64% of Cape Town commuters. Over the last few years, a number of mobile-driven taxi-hailing apps have been launched in the South African market to counteract these concerns and commuters are open to the possibilities presented by mobile apps. The Visa study echoed this by showing that 77% of Johannesburg commuters and 76% of Cape Town commuters would be willing to try a consolidated app to make payments for public transport.
Mike Lemberger, SVP, Product Solutions Europe, Visa says: “The future success of our cities is intertwined with – and reliant on – the future of transportation and mobility. Visa and our partners have an important role to play, both in streamlining the payment experience for millions of commuters around the globe, and supporting public transportation authorities in their quest to build sustainable and convenient transportation solutions that improve the lives of the people who use it.”
Herman Donner, PhD and Postdoctoral Researcher from Stanford University co-authored the report and summarised: “When looking across the technology landscape, there already exist many products that could easily address people’s daily frustrations with travel. However, none of these solutions should be developed in isolation. A major challenge therefore lies in first identifying relevant technologies that provide suitable products for the market then managing implementation in conjunction with a broad set of stakeholder including mobility providers, technology companies, infrastructure owners and public transport agencies. From our research, we think that many of these small, incremental changes have the potential to make a significant difference in people’s daily travel, whether it’s to help find parking, get the best price to refuel their car or plan their journey on public transportation.”
Click here for the detailed global findings.