Miami, Florida – September 22, 2022 – The rapid growth in digital payments serves as proof for just how attractive the option of contactless or tap-to-pay has become for consumers. For the first time ever, Visa’s network has processed over one billion tap-to-ride transactions on global transit systems in just ten months. While Europe accounts for the largest share of those transactions, every single region is growing. North America already accounts for approximately one in five contactless taps on transit. In Latin America and the Caribbean, transactions have grown 75x since December 2019.
Visa has helped enable contactless transit payments in cities worldwide, while supporting more than 550 urban mobility initiatives since launching tap-to-pay technology on transit in 2011. Currently, Visa is working with cities, urban planners, transportation authorities, operators, and solution providers to reimagine the urban travel experience with a focus on inclusive, sustainable, and interconnected multi-modal transportation. Also, together with the Resilient Cities Network, Visa has collaborated with a number of cities in Latin America and the Caribbean to develop digital solutions that can address resilient challenges, among them urban mobility.
“At Visa, our urban mobility efforts are part of our broader purpose to empower consumers and help communities and economies thrive,” said Aida Esteban Millat, Head of Urban Mobility Solutions for Visa in Latin America and the Caribbean. “Particularly in our region, where the transportation industry plays a key role in driving financial inclusion, the use of digital payments systems in transportation not only serves as a gateway for the underbanked and unbanked to join the formal economy, but also as a way to grant broader access, security, speed and convenience benefits to all.”
Tap-to-ride technology, which allows riders to tap their existing card or mobile wallet to pay for their fare, is more convenient than having to carry exact change or worry about keeping a metro card topped up. Today in Latin America and the Caribbean, the use of this solution is available in countries like: Guatemala, Dominican Republic, Costa Rica, Colombia, Mexico, Peru and Brazil.
Visa is also working alongside the World Economic Forum’s Global New Mobility Coalition initiative, which is striving to better understand challenges and solutions to create a shared, connected, and decarbonized mobility ecosystem. The team recently looked at the impact innovation in fare payment can have on sustainability: Innovation in mobility payments is keeping people moving while protecting the planet.
For the past 60 years, Visa has partnered with government agencies to transform the way people transact, commute, and grow to advance economies and uplift communities everywhere. Revolutionizing the way everyone, everywhere can pay their transit fares every day is the latest way we're helping to get it done. To learn more about Visa’s global urban mobility initiatives, please visit Visa’s Global Urban Mobility page.
-