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DC Metro Moves toward New Technologies for Payment System

By IGI Global on Jul 15, 2011
How often do you pay for something in cash – a tank of gas, your cell phone bill, even a cup of coffee? Consumers are increasingly relying on alternative forms of payment including credit cards, debit cards, electronic fund transfers, and more. These non-cash forms of payment require retailers and other businesses to implement payment systems to accept and process money in these forms.

Most forms of public transportation have long accepted a variety of forms of payment, but have employed a system of middlemen and machines to sell tokens, tickets, and fare cards for to customers to use when entering a train, bus, or subway. Now Washington, DC, USA is looking to skip this middle step for its Metro system and create a payment system that is simpler and more customer-friendly.

According to a recent article in The Washington Examiner, the Metro wants to allow customers to leave the old fare cards and their shortcomings behind, and instead allow riders to use cell phones and credit cards to pay their fares. Some concerns have been brought up, such as how to handle customers that do not use credit or debit cards and how to manage the pricey initial $60 million investment requirement, but the Metro estimates that in a decade, it could save about $33.8 million per year. This system is similar to one used in London.

Payment System Technologies and Functions: Innovations and DevelopmentsPayment systems are used in countless businesses and financial markets around the world, and their variety and complexity is astounding. As companies move through the 21st century and seek to implement efficient, simple, and global payment systems, it is necessary to have research covering issues related to modern payment systems. IGI Global, and information science and technology publisher, is proud to fill this need as it announces the release of one of its newest references, Payment System Technologies and Functions: Innovations and Developments, authored by Masashi Nakajima, Reitaku University, Japan.


Noting the importance of the topics covered, Nakajima says, "Every commercial trade and financial transaction is finalized only when the final settlement is made through a payment system. If operational failures were to happen in a payment system, which prevented smooth transfers of funds, national economies and financial markets would be thrown into extreme confusion and seriously damaged. Therefore, the safety and efficiency of payment systems is incredibly important for national economies and financial systems to function effectively."

This book is divided into four essential parts: Basic Knowledge about Payment Systems, Basic Payment Systems and Advanced Payment Systems, Innovations in Payment Systems, and Developments of Payment Systems in Selected Countries. For more information on this title, please visit www.igi-global.com/bookstore/titledetails.aspx?titleid=49580.

Other related titles recently released by IGI Global include:



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