Can new payment methods help you to reach rail customers in Asia Pacific? Today we bring you the last factor: making payments easy to unlock the true potential of rail in the region.
Payment methods are disrupting rail travel
One of the biggest disruptions in commerce and travel is new payment methods: contactless bank cards and mobile payments are changing the way we travel, disrupting the rail industry. At this stage, we all have seen embedded payments examples with Uber or Booking.com. Both are good examples of how to overcome barriers with end customers thanks to automated payments. As a rail operator, you should also be ready to embrace and facilitate your customer new and easy ways to pay.
“Disruption in rail can be affected by disruption in the payment space. Everyone is interested by what Transport for London has done with contactless card payments. By combining easy payment with ticketless travel, you remove an entire friction layer. This is having a big impact on rail ticketing.” Sim Howe Chai, Managing Director, APAC Rail and Transit Industry, Accenture
Innovate by making rail payments easy
A good example of payment innovation is Transport for London. By accepting contactless bank cards and mobile payments across all trains and bus networks, 1.8 million daily rail travellers are benefiting of this new payment method. This accounts for almost 40% of all pay-as-you-go transactions and bringing ease and convenience.
Pay-as-you-go benefits for business travel
New payment methods are also having an impact on business travel. Making payments as smooth and seamless as possible is helping rail to be positioned as a travel choice. Additionally, pay-as-you-go models are helping the day-to-day business traveller to have a more seamless travel experience. Processing all transactions in a safer way and having all expense in one single place to better manage travel expense reporting.
Ultimately, there is potential for cashless, ticketless, frictionless rail travel, and the adoption of new payment solutions can eliminate several of the old pain points.
For more information on the Asia Pacific rail industry, download the report: Changing Tracks: Five make-or-break factors to unlock rail travel in Asia Pacific.