Elavon launches Mass Transit Payments in the United States

Rhea-AI Summary

Elavon, a subsidiary of U.S. Bancorp (USB), has launched Mass Transit Payments, a new platform designed for public transit agencies to facilitate contactless payment acceptance via any enabled card or mobile device. This initiative aims to enhance convenience, safety, and security for riders. With 91% of consumers expecting contactless options, the platform simplifies transactions by eliminating the need for agency-specific cards, reducing costs for transit agencies. Furthermore, it promotes public health by minimizing cash interactions, ultimately improving transaction management for users.

Positive

• Launch of Mass Transit Payments enhances convenience and security for public transit agencies.
• 91% of consumers expect contactless payments, indicating strong market demand.
• Elimination of agency-specific contactless cards reduces costs for transit agencies.

Negative

• None.

New transit agency-focused platform increases convenience, safety and security

ATLANTA--(BUSINESS WIRE)-- Elavon, a wholly-owned subsidiary of U.S. Bank and one of the largest payments processors globally, today launched Mass Transit Payments, a streamlined way for public transit agencies and private providers of all sizes to offer contactless payment acceptance from any enabled card or mobile device.

“As we start travelling again, contactless tap-to-go payments make paying for tickets as convenient and efficient as paying for your morning coffee on the go in rush hour or zooming through the fast-checkout line at the grocery store,” said Pari Sawant, Global Chief Product Officer, Elavon. “Mass Transit Payments is a product built to make transactions frictionless and secure for both transit agencies and their riders so everyone can focus on getting where they need to go.”

Contactless payments have emerged as an expected form of payment for consumers, broadly, and usage in transit grew rapidly at the start of the COVID-19 pandemic. And riders are increasingly demanding it. Recent Visa research found 91% of survey respondents expect contactless payment options on transit, with roughly half preferring contactless payment options.*

Mass Transit Payments removes the need for specific transit agency-supported contactless cards by accepting any contactless-enabled card or mobile device. This helps to lower the cost of payments acceptance and management for transit agencies and brings the “any card, anywhere” approach to agencies that may not have been previously able to support contactless payments.

For riders, this helps to reduce the number of cards in their wallet, and eliminates the need for paper tickets. It also makes it easier for many users to track and manage transactions in a place they already use regularly, like an online bank account or monthly credit card statement.

Overall, the lack of cash usage is a benefit to public health – limiting the interactions between drivers, ticket takers, and riders – while also increasing security by reducing cash on trains, buses and ferries.

Cybersource, a Visa solution, serves as both the gateway for the platform and the acquirer for Mass Transit Payments. The formal launch comes after extended pilots in California, and Elavon is involved in similar pilot programs in Europe.

See more about Elavon and its support of mass transit payments here.

About Elavon (www.elavon.com)

Elavon is wholly owned by U.S. Bancorp (NYSE: USB), the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, and Canada. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to the largest global enterprises.

*Visa’s Second Future of Urban Mobility study, 2022.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220927005353/en/

Joe Rauch, Public Affairs and Communications

Joseph.rauch@usbank.com

Source: Elavon

FAQ

What is Mass Transit Payments launched by U.S. Bancorp (USB)?

Mass Transit Payments is a platform developed by Elavon for public transit agencies to accept contactless payments from any enabled card or mobile device.

How does Mass Transit Payments benefit transit agencies?

It reduces costs by eliminating the need for specific agency-supported cards and streamlines transaction management.

What percentage of consumers expect contactless payment options on transit?

91% of survey respondents expect contactless payment options according to Visa research.

Who is the parent company of Elavon?

Elavon is a wholly-owned subsidiary of U.S. Bancorp, which trades under the ticker USB.

What health benefits does Mass Transit Payments offer?

The platform promotes public health by reducing cash handling interactions among drivers, ticket takers, and riders.