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Electronic payment System (EPS) is useful for paperless monetary transaction. Electronic payment brought a revolution in business process with less paper work, less time consumption, low labor cost as compared to traditional manual process business. There are various modes of electronic payments such as debit card, credit card, e-wallet, smart card, EFT and others. From last a few years electronic payment has also been used by transportation agencies for the collection of parking fees, highway tolls, transit fares & others. Electronic payment in transportation is done with the help of cards or transponders carried by user which directly communicates with devices maintained by transportation agencies for the conduction of transaction and also to track the payment records. Use of electronic payment system in transportation sector give rises so many advantages as electronic toll collection supports the collection of toll fare automatically by reading the data of registered vehicle from electronic transponder and driver does not need to slow down the car or stop for the payment hence it gives relief from traffic congestion and also save time of the commuters.
Electronic Payment System for Transportation: Market Dynamics
The key trend responsible for the growth of global electronic payment system for transportation is the growing demand of electronic payment system for transportation from developed and developing region because of the advantages provided by electronic payment system over the traditional manual system. The key growth drivers of global electronic payment system for transportation market are congestion free traffic, with implementation on highway or Broadway, traffic jam or congestion reduces. Cashless travel facility is another advantage provided by electronic payment system for transportation which is driving the global electronic payment system for transportation. On the other hand there are also some factors which are hindering the growth of global electronic payment system for transportation market, those restraints are high installation cost of electronic payment systems & slower growth of these systems in underdeveloped regions.
Electronic Payment System for Transportation: Segmentation
Segmentation of electronic payment system for transportation market is done on the basis of system, technology & geography. On the basis of system, global electronic payment system for transportation market is segmented as electronic toll collection (a system designed for automated collection of toll from moving as well as stopped vehicle through wireless system), electronic transit ticketing (payment is done by a smart card for a trip on transit vehicle), and regional multimodal electronic payment system (Here all mode of transportation is done by single payment system). On the basis of technology, global electronic payment system for transportation is segmented as contactless payment system technologies, near field communication, using smart phones.
Geographically, electronic payment system for transportation is segmented into seven regions which are ; North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA). Among all the regions North America is the highest contributor in term of revenue in global electronic payment system for transportation market followed by Asia Pacific & it is expected that in near future, Asia Pacific is going to lead this market.