Article Highlights

Key Takeaway:

Worldline COO: Payments companies have been forced by business imperatives to oversell open-loop technology; argues for truly open fare payments method.

Key Data:

• Table: Missed opportunities at the Olympics

Organizations Mentioned:

• Worldline
• IDFM (Paris)
• Visa
• Mastercard

James Bain, COO of global mobility transactional services for Worldline, a major European processor and acquirer–in a striking acknowledgement–said that payments companies have overpromised and oversold the benefits of open-loop technology to transit agencies.

Bain, in a speech at the Transport Ticketing Global conference in London last week, titled, “Do we honestly believe the ‘open payments’ revolution is here?”

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