Transit and parking systems are making the move to electronic payments as they face tighter budgets, seek to operate more efficiently, and improve the customer experience. Moving from cash to electronic payments brings many benefits. In many cases, it can improve cash flow and is less expensive than collecting cash. Accepting electronic payments can also resolve other customer experience issues like these identified in a recent MasterCard study1:
- 65% of US commuters who use cash to pay for mass transit worry about having the right amount to pay for their trip.
- 36% were unable to take mass transit at some time because they did not have enough cash on hand.
- 44% have missed a bus or train while waiting in line to purchase a ticket or add money to a fare card.
Take a look at 5 ways transit and parking industries are accepting electronic payments.