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Tag: account-based

Can’t understand why TfL is so proud of the Contactless payment? UK is Losing £4.9B business annually to the US.

Can’t understand why TfL is so proud of the Contactless payment? UK is Losing £4.9B business annually to the US.

One billion contactless transactions will be made on London’s transport network in 2019

Intelligenttransport March 2019

According to TfL, London hit an accumulated total of 1 billion contactless payments in 2017. Contactless was first introduced to London’s transport in September of 2014, and in less than four years it was already set to overtake oyster journeys.

It is predicted that this pattern will continue with 1.5 billion contactless journeys estimated to be made by 2025.

£400m unclaimed on Transport for London Oyster cards

BBC November 2019

Oyster used to be the go-to way of paying for travel around London, but 66 million of the blue plastic cards haven’t been used in at least a year. And while they languish forgotten in drawers, bags, and wallets, Transport for London (TfL) has amassed a fortune in unclaimed balances and deposits – now worth almost £400m.

Oyster card to Contactless card conversion is basically a London card to the US credit cards.

1 billion payments on average of £4.90, mean £4.9 billion transaction business giveaway to Visa/Mastercard of United States.

Account-base ticketing is basically American-based ticketing.

Conclusion

London has missed a big chance to develop its own cashless payment industry with the strong user base of the Oyster card.

London did not learn from the success of the Octopus Card of Hong Kong, used to be a British colony before 1997. Octopus Card has been the most popular cashless payment from transportation to retail markets despite the challenge of traditional credit cards and the new Alipay from China.

UK should give up the tradition as a follower of the US and it is time for the UK to rebuild its identity. Effort should be spent on technology innovation such as to make Oyster card a true mobile payment system supporting all IOS and Android phones.

The author has over 19 years of experience in the automated fare collection industry. The latest development of mobile wallets is worth looking into. To learn more, please visit mobileafc.net

Author Keith LauPosted on February 28, 2020February 28, 2020Categories Urban Mobility in Different CitiesTags account-based, london, mobile payment, octopus card, oyster card, Tfl, ukLeave a comment on Can’t understand why TfL is so proud of the Contactless payment? UK is Losing £4.9B business annually to the US.

iBonus Limited Wins Praise for Breakthrough Technology Based on QR Codes for Use in Automated Fare Collection Systems

iBonus Limited Wins Praise for Breakthrough Technology Based on QR Codes for Use in Automated Fare Collection Systems

iBonus Limited Wins Praise for Breakthrough Technology Based on QR Codes for Use in Automated Fare Collection Systems

City public transportation systems face challenges on what technology can be used to run efficiently and cost-effectively. iBonus Limited seems to have solved the problem with their award-winning new technology being used in Hong Kong that delivers powerful all-around solutions.

November 10, 2019

The idea of an effective, quick and simple to use Mobile Wallet for Fare Collection is exactly what many cities and other public authorities responsible for Automated Fare Collection (AFC) dream of. The good news is that a true breakthrough has been made in this area in Hong Kong and the same technology can be applied, where needed, across the world. Enter the company iBonus Limited. iBonus Limited’s new technology allows the Mobile Wallet to be used with a one-second transaction time from nearly any iOS or Android smartphone, which covers 99% of users. In comparison, QR-code systems take five seconds to scan and NFC system cover only 90% of devices.

“We knew our technology needed to be fast, reliable and the wallet needed to be able to function on nearly every device,” commented a spokesperson from the company. “We are very pleased to have seen this be a great success and look forward to using the technology in another cities across the world disrupting the AFC space in a very positive way.”

The iBonus Limited system won Hong Kong ESS funding for their project worth $420k USD. It’s also won the Hong Kong Smart Cty Award in 2018. A patent has been filed for China/USA and PCT for the rest of the world.

Clearly, the room for the company to expand is present. Not only is the technology a superior one that delivers remarkable benefits but the AFC market itself is a stunning USD 8.15 Billion in 2018 with CAGR 13.6%.

To learn more be sure to visit https://mobileAFC.net.

Author Keith LauPosted on November 11, 2019December 16, 2019Categories Urban Mobility in Different CitiesTags abt, account-based, afc, alipay, android phone, apple pay, automated fare collection, automatic fare collection, chicago, cubic, cubic transportation, google pay, hong kong, iphone, masabi, mobile payment, mobile wallet, new york city, oyster card, qr code, wechat payLeave a comment on iBonus Limited Wins Praise for Breakthrough Technology Based on QR Codes for Use in Automated Fare Collection Systems

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