In today's world, consumers are used to having access to seamless payment options when purchasing various products and services. Payment providers have created and continuously refining payment networks to accommodate connected payment options according to their customers' requirements.
With the appearance of modern transportation mobility came a challenge and a huge opportunity to ensure these new services can also deliver payment options according to market needs.
Payment- As –A-Service offers the following opportunities for the present and the future:
Safety and trust factor
Regulation is essential, and by building a reliable and robust payment network with well-known payment providers, transportation providers can instil trust in their users. Secondly, they can provide high-quality payment services with orderly transactions and data protection.
Data collection and analysis
By connecting various mobility transportation platforms to standard and established payment networks, all the ecosystem players can gain access to valuable data related market behaviour. This data broadly can support fleet optimization, route planning, vehicle maintenance, electronic ticketing. Also, it is a substantial help in understanding customer behaviour such as peak hours, most popular location and hubs where people need mobility vehicles such as accessing bigger transportation hubs or first and last-mile transportation. Collaboration with various local and city governments provides further opportunities for improved infrastructure and public transportation services.
By understanding current market behaviour, operators and service providers can analyze trends, customer behaviour and create new services and product ranges accordingly.
Integrated payment systems
When customers use different modes of transportation, for example, taking a shared ride from home to the next public transportation hub, travelling by public transport to the closest station to work and on the last mile using micro-mobility transportation vehicles, they need to be able to seamlessly and efficiently coordinate payments, bookings, transportation mode selection and with added ancillary services.
Leverage the car as a platform
Automatically process charges related to the specific ride such as congestion charges, highway fees, parking and even entertainment and Internet use.
Opportunities in Payment-As-Service in the mobility industry are growing with the development of mobility transportation networks. There are various prospects for technology companies, governments, and investors. These developments also serve the best interest of consumers requiring easy and reliable payment services while travelling.