Article Highlights

Key Takeaway:

Shashi Verma, CTO of Transport for London, called for more regulation to lower interchange for agencies accepting credit and debit cards. Verma was among a panel of experts Tuesday that debated the pros and cons of open-loop payments, including discussing bank-card fees transit agencies pay to accept open loop.

Key Data:

On a $2 fare paid for with most debit cards issued in the U.S., interchange alone would make up 11.5% of the transaction. That compares with 0.2% if that same transaction were conducted in Europe.

Organizations Mentioned:

Transport for London
Land Transport Authority
MST (Monterey-Salinas)
• Transcode
• Arriva NL

Shashi Verma, chief technology officer for Transport for London and the driving force behind the agency’s landmark open-loop payments service, called for greater regulation of interchange rates outside of the UK and European Union to reduce fees agencies pay.

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