Business Wire IndiaFinnish mobile ticketing company PayiQ and Indian ICT systems integration company SRIT have signed a strategic partnership deal.
PayiQ Finland is a true European public transport and city access technology company. It delivers ticketing and payment platform for city bus and tram authorities across Europe and Russia. PayiQ’s core technology solution provides seamless mobility and big data moderation, analysis, and collection across multimodal means of public and city’s shared transport. PayiQ’s award-winning Ticketing as a Service (TaaS™) platform has been delivering pure passenger joy. It is hassle-free, easy to use and quick to adopt. It allows passengers to travel across urban networks while operators improve their efficiency and reduce their technology adoption burden and related operating expenses.
SRIT India’s partnership with PayiQ is strategic, so much so that the deal envisages source code transfer. This collaboration is for multimodal transport – be it metro, bus, or any form of shared mobility. The goal is to enable First Mile Last Mile transportation.
India is an emerging landscape of various modes of transport that serve the cities and their suburbs. The tremendous expansion of growing cities and their connectivity points will soon lead to modernization of transport both on land and rail. As cities gear up to modernize their fleets and augment new routes and manage paperless tickets, the significant step to digitization will come from mobile ticketing and payments with multimodal journeys. No one mode will suffice to meet the needs of riders and commuters, and this demand and growth will require faster ways to have a ticket and complete journeys. Both contactless and cashless systems are wide in variety in India at the moment. They will grow in the digitized economy when operators embark on their platforms and maximize their revenue and margin goals. Operators will use such opportunities to widen their product range to ensure that the various options provide reliable value to riders and at the same time safeguard the operator’s margins.
PayiQ’s ticketing platform TaaS™ has, and will have, hardware-free validation process. Therefore, both contactless and touchless. It supports any ticketing scenario and regulatory requirements. PayiQ's cloud-based technology provides transportation companies, municipalities, and smart city organizations real-time data on passenger volumes, commuting patterns, dead zone patterns and possibility to communicate during journeys. It enables transportation operators to analyze trends, optimize their services and deliver targeted content to public transport users.
The platform can also deliver “future feature” services like push notifications and location-based advertising. This allows city operators and municipalities to make their best customer connection either during the ride, before the ride or after passengers have completed their journeys, and generate value added service revenues across city access agenda models. The PayiQ platform also allows operators to smoothly transition to post-paid, account-based ticketing (ABT) and advanced BIBO validation for contactless and paperless systems, assuring larger revenue realization. PayiQ’s solutions have been implemented in various European cities and integrated with leading banks and payment wallets. PayiQ ticketing platform TaaS™ delivers “the world’s most economical ticket on your phone”.
The strategic partnership of PayiQ and SRIT will transform India’s emerging digitization need to a realization that all technology adoptions are frugal and mindful of the society and its wider range of commuters. PayiQ and SRIT with their technology platforms will provide an ecosystem to the state and central authorities both for bus and rail transport to replicate and adopt modern mobile ticketing solutions with wide product range and payment methods. It will enable a larger participation of transport solution providers to integrate and provide First Mile Last Mile or multimodal journey planning to its respective city users. Such technology can further realize “One Nation One App” goal for public transportation sector.
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