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The global automated fare collection market is being driven by the rising demand for solutions enabling congestion-free traffic. The automated fare collection is an advanced payment method designed for intelligent public transport systems, enabling commuters to choose from a variety of transportation means like railways, metro, buses, and taxi for travelling using tickets and pre-paid cards. It is a reliable and efficient payment method for public transport. The market for automated fare collection is witnessing a growth due to the increasing investment by governments to make the process of fare collection time and cost-efficient.
The rising digitisation of payment services is also supporting the market growth. In 2020, Cubic Corporation (NYSE: CUB), a leading key player in the automated fare collection market, Cubic Corporation announced that its business division, named Cubic Transportation Systems (CTS), has entered into an agreement with Google (NASDAQ: GOOGL) to assimilate transit cards with Google Pay. This collaboration will enhance the payment method by making it fast and easy for travellers to pay for their journeys using mobile phones. It will also provide the full benefit of Google's user experiences to the transit agencies using Cubic's world-class revenue management systems to encourage ridership and increase convenience. This technology will open avenues for the further enhancement of the existing contactless payment technology available in cities like London, Miami, and New York.
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Advanced Card Systems Limited, Cubic Corporation, LG CNS, NXP Semiconductors N.V., OMRON Corporation, SAMSUNG SDS America, Inc, Scheidt & Bachmann GmbH, Thales Group, and LECIP HOLDINGS CORPORATION, among others, are the key players in the global automated fare collection market as identified by EMR. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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