Judopay’s payment guide: Mobility edition
With a predicted market size of around $40 billion by 2028, mobility as a service has a booming future ahead. Just as you’d judge mobility on its ease of use and convenience, a reliable payment solution must enhance the efficiency of your service.
Let’s explore how payments are transforming the mobility sector and why businesses in this sector should consider adopting an innovative payment solution.
- Evolution of the mobility industry.
- The changing landscape of mobility payments.
- How can a payment platform help your mobility business grow?
- How to implement Judopay in your mobility business.
Evolution of the mobility industry.
The mobility industry has dramatically evolved in the last few years.
The way we access, book and pay for trains, buses, taxis and even our cars has changed dramatically. Now, you just need to open your phone, choose a booking app, select your payment method of choice and you’re good to go.
The revenue for the shared mobility market has an expected market size of $1.68 trillion by 2027, with a growth rate of 4.11%.
Customers want efficiency and speed when it comes to mobility, both in terms of how they use it and how they pay for it.
The changing landscape of mobility payments.
The mobility sector includes public transportation, ride-sharing, bike rentals, scooter rentals, fleets and more. Traditionally, payments in this sector involved purchasing physical tickets or swiping cards at ticket machines or counters.
However, this approach had its limitations, including long queues, inconvenience, and the risk of losing your ticket. Customers want a seamless, fast, and simple payment method.
So, the mobility sector began to embrace more innovative solutions such as mobile apps and contactless card payments. These gave customers a quick and easy way to purchase their ride and provide a great customer experience.
How can a payment platform help your mobility business to grow?
Working with a payment solution that specialises in the mobility sector ensures that you have the best payment flows and products, enabled for your customers. Your chosen payment provider should keep payments simple while combining cutting-edge tech.
An all-in-one payment solution will give you access to multiple payment options, fraud prevention and detection tools, business reporting and more.
Contactless payments soared in popularity due to their speed and convenience. In the UK, the number of contactless payments continues to grow, with an increase of 50 per cent in the past year. By accepting contactless cards payments, your customers can simply tap to pay, making the process quick and efficient.
Payment links provide more ease and security for both customers and mobility providers. It works by sending a unique link to customers, via SMS or email, through which they can make a quick and easy online payment.
For customers this payment option is great for booking mobility services in advance, allowing them to securely pay up front for their journey. This way, merchants no longer need to take payments over the phone, reducing their PCI scope, as the customer’s payment details are accepted securely.
Want to know more about Judopay’s payment links? Learn how Judopay is helping mobility firms and individual drivers to use payment links, making payments a breeze. Read now.
One standout innovation that’s progressed payments in the mobility industry is the growth of mobile wallets, such as Apple Pay and Google Pay. Digital wallets allow customers to make payments using their mobile phone, eliminating the need for physical cards.
Security and fraud prevention.
Fraud prevention in the mobility industry is crucial due to the high volume of transactions and number of different customers. This entails having a range of data points and a platform capable of combating fraud while simultaneously delivering impressive acceptance rates.
A comprehensive fraud prevention and detection tool is vital for mobility payments. It should contain features such as:
- A smart machine learning tool that continuously gathers data.
- DeviceDNA to identify and block blacklisted devices.
- CV2 checks to ensure the accuracy of the 3-digit security code.
- 3D Secure 2 to deter fraudulent card payments and ensure the person making the payment is the cardholder.
How to integrate Judopay into your mobility business?
We make integrations as seamless as possible for mobility businesses. Judopay’s payment platform offers comprehensive support to ensure a smooth transition. Here are the key steps to get started:
We’ll work with you to determine which integration type works best for your business. While most mobility providers choose to access us via one of our multiple partner mobility platforms, some choose to integrate to us directly, giving them greater control over their payments.
Before launch, we’ll work with you to thoroughly test your payment set up and flows, to ensure your payments are working flawlessly. This step is critical to providing a reliable and secure payment experience for your customers.
Once testing is complete, you can confidently launch your new payment solution. Promote any new payment methods you’ve enabled and encourage adoption and enhance your customer’s payment experience.
We recommend monitoring the performance of your payments. Analysing your payment data will help you to identify areas for improvement and optimisation. Judopay's support team is available to assist with any questions or issues that may arise.
Unlock seamless mobility payments with Judopay.
With Judopay’s payment expertise in the mobility sector, we can support your business’ growth and help you to simplify your operations.