NFC TIMES Exclusive Insight – Singapore’s Land Transport Authority announced today it will begin accepting Visa-branded contactless cards to pay fares on trains and buses starting June 6, only two months after it launched its “SimplyGo” open-loop fare collection service with only Mastercard-branded cards.
Since then, the authority has seen an average of 120,000 daily trips with the Mastercard cards or card credentials on NFC phones, which the authority said represents a “steady uptake in usage.” But it still accounts for less than 2% of the nearly 8 million daily trips riders take on buses, metro and light rail on the island state.
The move to accept cards on the Visa network, which has a larger share of the credit card market in Singapore than Mastercard, should significantly increase usage of bank cards for transit payments. Visa’s country manager for Singapore said contactless penetration for Visa cards for retail payments is more than 80%.