Smart transportation will be a US$285 billion market by 2024, with a compound annual growth rate (CAGR) of 22.5% over an eight-year forecast period according to Grand View Research. Smart ticketing, which integrates online, onboard, smart card and mobile application ticketing, is essential to the seamless mobility experiences now emerging – and this segment is expected to grow fastest of all.
“Smart ticketing solutions provide great ticket booking flexibility to the traveller and helps the transit agencies to resolve the issue of bottlenecks in ticket booking during peak hours,” says Tuomo Parjanen, CEO of PayiQ. “Increasing mobile device penetration and demand for digital payment will drive the smart ticketing solutions segment in the urban mobility market.”
PayiQ’s Ticketing-as-a-Service (TaaS) technology is already used in almost all major Finnish cities, and the company is bringing its expertise to transport providers around the world. “PayiQ TaaS elevates transport operators into a smart mobility grid,” says Parjanen. “It is a fully integrated solution that brings all ticket types and combinations, all modern payment methods and all modes of transport together, even from multiple operators. There are no other solutions yet that can say the same. This allows huge flexibility and true competitive advantage to transport and mobility companies.”
While digitalisation has brought great opportunity for transport providers, it also increases security and fraud risk. PayiQ offers stonewall security to address this challenge. “The core of the platform is the fraud prevention and risk management system,” says Parjanen. “It is built around a real-time fraud-prevention engine that has never failed. On Microsoft Azure cloud, the platform controls all the transactions and validates where and when the end user is doing the transaction. PayiQ offers versatile payment methods and both online and offline ticket validation. The world-class cloud technology provides an excellent protection against user fraud, hackers and cybersecurity threats.”
Companies looking to join the Mobility-as-a-Service (MaaS) revolution also need to know they can implement mobile ticketing quickly, without disrupting existing services. “As an Azure-based service, PayiQ TaaS connects to current infrastructure and scales fast,” says Parjanen. “It is a tried-and-true platform used by 20 transport operators, it powers a dozen white label apps and handles millions of tickets yearly. Compared to competing offerings, PayiQ offers the highest level of connectivity by providing in-app ticketing and contactless validation plus integration to almost any MaaS solutions, both software and hardware. Our rapid roll-out model allows the platform to be tested in days and it can be installed and start generating revenue within weeks.”
This article was originally published in the Winter 2019 issue of The Record. Subscribe for FREE here to get the next issues delivered directly to your inbox.
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