Genfare has been the leading pioneer of transit fare payment for decades. Today, our contactless payment technology combined with our smartphone app provides the speed, safety, convenience, and security that today’s transit users demand.
There are several key benefits to contactless payments that are essential for Genfare’s users.
- Contactless payments are fast
Hard data shows that contactless payments are the quickest form of payment. They are over 50% faster than traditional card swiping or chip inserts, and over 60% faster than cash. Other studies show each contactless transaction can save up to 18 seconds over cash—that’s nearly a minute for every three passengers.
When seconds count to maintain a transit schedule, contactless payments significantly increase efficiency.
- Smartphones can be used for contactless payment
By loading a credit, debit, or other bank information to a user’s smartphone “wallet,” a contactless payment can be performed by placing a smartphone near the payment processor. Riders love the convenience of using their phones, which are often at hand more easily than digging through a wallet, bag, or purse.
Genfare’s smartphone apps also make the purchase of passes, checking of routes, and other information easier for riders to access. All together, the Genfare program of apps and fareboxes allows a modern solution to modern transit problems.
- All cards will be EMVchip cards in the near future
In truth, offering contactless payments will be all but a necessity in just a few short years. Currently, 85% of POS systems offered in typical retail environments have the capability of processing contactless payments. Once consumers are in the habit of contactless payment, they demand it at more and more locations, including transit systems.
Most public transit systems will still need to accept cash payments. Some municipalities worry about discrimination toward riders who cannot use a bank account or cannot afford a smartphone. Whatever farebox system is deployed, the ability to use contactless payments and cash is key. Genfare has several options that allow both payment types.
For cities still grappling with the COVID-19 pandemic, it is paramount to reduce contact to help keep employees and riders safe. Accepting cash directly or lengthening interactions can introduce unnecessary risk. Contactless payments allow a quick process that doesn’t require personal interaction.