Simple as a Wave
Wave and pay seems to be taking the world by storm, and the parking and transportation industry may be next in the revolution.
The basics: wave and pay is a contactless payment system that includes debit and credit cards,
Simple as a Wave
Wave and pay seems to be taking the world by storm, and the parking and transportation industry may be next in the revolution.
The basics: wave and pay is a contactless payment system that includes debit and credit cards, smartphones, key fobs, smartcards, and any other device that uses radio frequency certification (RFID) to make secure payments. These devices have embedded antennas and chips that enable users to wave their bank cards, keyfobs, or mobile phones over a reader at the point of sale.
Every day around the world, millions of people use public transit, whether bus, train, taxi, or subway, to commute to work, go shopping, sightsee, or visit family and friends. Although transportation mode convenience, speed, and safety are major considerations for passengers, so are the speed and convenience of the way they pay their traveling fares.
We can wave and pay for numerous items with our mobile phones by downloading an app or waving our bank cards. Retailers and banks have openly embraced this new technology; we can buy clothes, shoes, tools, and more with the wave of our hand. So why not wave and pay for other things in everyday life, including parking, riding a bus, train, or subway, or taking a taxi.
A few years ago in Los Angeles, transit operations decided to take the hassle out of payment for mass transit commuters by piloting and implementing a wave and pay application. The LA Metro system offered riders special dual-use prepaid Visa payWave cards riders could use to pay transit fares and purchase fare products. Two types of cards were made available to riders:
Ride, Pay, and Reload cards were sold through kiosks within the system. These cards are active and ready to use immediately for both transit fares and purchases everywhere Visa debit cards are accepted.
Ride, Pay, Reload, and ATM Cash Access cards could be personalized and are ordered online or over the phone. They offer a maximum value limit of $10,000. The cards have the added feature of a personal identification number (PIN) for obtaining cash at ATMs.
Piloting the contactless payment system proved that extending convenient, reliable, and secure payments to subways, trains, and buses could dramatically improve the commuting experience of millions of daily passengers. The system removes the burden of fumbling for cash or change, searching for tickets, standing in long lines to purchase a ticket, or paying for a ticket at a separate machine. Instead, commuters can focus on getting where they need to go. Transactions are completed via a global processing network, which reduces the chance of fraud and allows riders to speed through turnstiles and past fare boxes with a simple wave of their contactless cards. It’s easy for them to reload their cards and manage their transit accounts online.
The London Experience
In December 2012, Transport for London rolled out a new contactless payment system for its bus lines using wave and pay technology. Riders whose bank cards can accept contactless payments can pay for their bus fares directly with their bank cards. London’s transportation system built their own engine to interface with bank payment systems, allowing riders to use their bank cards or mobile phones to pay. And best of all, because transactions are small, riders do not have to sign or key in a PIN number to activate their purchases.
The parking industry is at the forefront of wave and pay contactless credit card technology. Smart technology is taking it to the streets, where cards can be used for change-free on-street parking at parking meters. Parking departments can say goodbye to stolen or broken meter heads, lost revenue because meters are jammed, and outdated meter equipment.