Rapid Growth in Travel and Tourism Industry is Augmenting the Growth of the Transit Cards Market

 




Transit cards are a type of contactless smart card technology that enables easy pay for fair. They are easy to use, work by simply passing along information from a processing device to a reader on a transit system. This information includes the cardholder's name, address, and contact information. The major benefit of this type of card system is that riders do not need to carry an actual card with them every time they ride the bus or train, saving both time and money. In addition to being extremely easy to use, contactless smartcard systems are also preferred by many transit agencies because they eliminate the need for manually tagging each fare sale.

Rapid urbanization and an increase in population around the globe have resulted in the rise of passenger mobility. To make traveling more convenient and comfortable the advanced ticketing system such as transit cards has been introduced. This is propelling the growth of the transit cards market. Moreover, growing demand for the tamper, resistant cards with the new payment methods such as PIN cards and mobile wallets are again augmenting the growth of the transit cards market. Tamper-resistant cards are safe and they can be only accessed with the use of a personal identification number (PIN). Furthermore, increasing demand for secure solution owing to the rising incidence of fraud is further anticipated to foster the growth of the transit cards market. 

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the presence of major companies in the region which are continuously introducing innovative products in transit cards. For instance, in April 2020, Advanced Card Systems Ltd. Asia Pacific's top supplier and one of the world's top 3 suppliers of PC-linked smart card, readers have launched the first Visa Contactless Transit Kernel Specification v1.0.2 (VCTKS) certified transit terminal, ACR330.

Key Developments:

1.      In September 2019, HDFC Bank in partnership with Indian Oil has launched a co-branded fuel card for users from non-metro cities and towns, which will be available on both RuPay and Visa platforms.

2.      In February 2017, International Diesel Services has launched a contactless smart fuel card for its customers in the transport sector. The new IDS fuel card is a contactless smart card with RFID chip and personal PIN number.

3.      In August 2019, TAP has launched a new line of products called TAP wearables. These include the TAP Flex wrist bands, which will be available at all Metro Customer Centers. TAP wearables function just like a regular TAP card


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