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New York Public Transportation Going Contactless Is An Opportunity For Bitcoin

Source: bitcoin

New York Public Transportation Going Contactless Is An Opportunity For Bitcoin

Contactless payments are one of the hottest trends right now when it comes to revamping the financial industry in the near future. However, the payment method is only viable in a limited capacity right now, although more consumers will be able to use contactless payment options in the future. If everything goes according to plan, most of the New York public transportation system will go contactless in two years from now.

Also read: Bitcoinist Giveaway: Win a Free Ticket to TNABC 2016

Contactless Payments In Favor Of Cash

When using public transportation, cash payments are one of the most annoying issues to deal with. While most countries will have other ticketing options available as well, a lot of consumers still rely on cash transactions when buying a ticket. However, cash payments are slowly on the way out in a few different countries around the world, and governments are looking at alternative solutions.

Contactless payments are a big part of the future of finance, according to the Metropolitan Transportation Agency in New York. It is not the first time this new type of payment will be making its way to public transportation solutions in the New York area, as the first experiments with contactless transactions started back in 2006.

Thanks to a partnership between the MTA, MasterCard, and Citi, a pilot program was created to introduce this alternative form of payment to society. After nearly ten years, Governor Cuomo will be accelerating the feasibility and adoption of contactless payments in the area. In a way, this can also be seen as a move by the New York officials to catch up with the city of London, where contactless payments have been used for public transportation

New York Governor Andrew Cuomo stated:

“The MTA is absolutely vital to the daily functioning of New York City, but for too long it has failed to meet the region’s growing size and strength. This is about doing more than just repair and maintain – this is thinking bigger and better and building the 21st-century transit system New Yorkers deserve.”

If all goes to plan, both the subway and bus industry will be using contactless payments from 2018 onwards. Commuters will be able to pass through ticket gates more quickly, as well as board buses without any friction. Plus, an application will be created for users to manage their balance online, rather than relying on physical cards.

A Huge Chance For Bitcoin Payments

Contactless payment integration opens up a lot of opportunities for Bitcoin in the near future as well. In fact, companies such as Plutus have come up with a way to allow for Bitcoin transactions wherever NFC payments are accepted. This means Bitcoin users in New York should be able to use digital currency as a payment method for public transportation

Even though New York doesn’t appear to be keen on Bitcoin by any means, it is not unlikely the MTA will integrate digital currency payments themselves in the future. When it comes to places with a lot of tourists every year, Bitcoin payments for public transportation make a lot of sense. Unlike fiat currencies, Bitcoin is a global payment method.

What are your thoughts on contactless payments for public transportation in New York? Should they integrate Bitcoin at some point? Let us know in the comments below!

Source: Finextra

Images courtesy of MTA, Shutterstock

The post New York Public Transportation Going Contactless Is An Opportunity For Bitcoin appeared first on Bitcoinist.net.

New York Public Transportation Going Contactless Is An Opportunity For Bitcoin

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Led 14

Bitcoin Worth Considering As Contactless Payment Option For New UK Smart Ticketing Approach

Source: bitcoin

Bitcoin Worth Considering As Contactless Payment Option For New UK Smart Ticketing Approach

It is no secret how one unified payment model for all forms of public transportation could be very beneficial to consumers all over the world. In the United Kingdom, that situation might be about to change in the very near future. Smart ticketing is an interesting concept, and Bitcoin would make the purchasing process a lot smoother for everyone.

Also read: Smart Fabrics Can Take Bitcoin Payments To Mainstream Consumers

The New UK Smart Ticketing System

Rather than having one ticket for bus rides, and another one for train rides, a unified transportation card valid across all transit journeys would go a long way. However, it is not easy to unite all of these industries under one banner, as not all of them are state-owned. In fact, there is no country in the world where one ticketing system grants access to all types of transit journeys.

Even though the Oyster Card is a valuable tool in the United Kingdom – for both residents and foreign visitors – it only grants access to the tube network and limited overground capabilities. But there are so many different ways of transit journeys these days, and not all of them start or end in London.

By rolling out a new smart ticketing system throughout the United Kingdom, consumers will be able to use contactless payments on a pay-as-you-go basis. This means that any single bus trip, train ride, or even combinations of multiple forms of transport can be paid for in a frictionless manner.

It goes without saying that contactless payments for short-distance journeys have never been much of a problem, simply because the ticket prices are rather low. But when it comes to travelling longer distances, prices for public transportation skyrocket. A train ride can cost you more than 50 GBP quite easily, without even travelling that long.

A joint project between the rail industry and the [contactless] card industry will further explore the possibilities between both parties. If all goes to plan, even season tickets should become available for purchase through contactless payments, in the long run, removing the need for passengers to print their own tickets.

Bitcoin Makes  A Lot of Sense For Contactless Payments

When it comes to making contactless – or mobile – payments, it is hard to find a solution that works for everyone travelling throughout the United Kingdom. Especially for tourists and foreign visitors, there is no universal payment method that will let them purchase these tickets in a convenient manner. Bitcoin offers a solution in that regard, as it is the only global currency in the world today [without the need for currency exchanges].

If the UK rail operators are planning to explore the possibilities of contactless payments, Bitcoin should not be discounted as a supported payment method. Most of the Bitcoin users have a wallet on their mobile device at all times, and most smartphones have contactless payment capabilities. It only makes sense to unify both of these technological marvels into an ecosystem that lets anyone buy public transportation tickets in the currency they prefer.

What are your thoughts on smart ticketing in general? Should Bitcoin be considered as a potential payment method? Let us know in the comments below!

Source: Finextra

Images courtesy of Shutterstock, UK Cards Association, Britain From Above

The post Bitcoin Worth Considering As Contactless Payment Option For New UK Smart Ticketing Approach appeared first on Bitcoinist.net.

Bitcoin Worth Considering As Contactless Payment Option For New UK Smart Ticketing Approach

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