Article Highlights

Key Takeaway:

Shashi Verma, CTO of Transport for London, believes other transit agencies can replicate his agency’s success with open-loop payments–with a few conditions.

Key Data:

And TfL’s sheer size and transaction volume have given it the negotiating power and economies of scale to help keep operational expenses low. For example, its current merchant-acquirer contract with Barclaycard charges fees that are many times lower than other agencies could hope to achieve.

Organizations Mentioned:

Transport for London

With at least 3 million contactless journeys per day accounting for more than 60% of pay-as-you-go transactions, Transport for London runs what is believed to be the largest open-loop payments services globally.

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