Finnish PayiQ and Ukrainian software company Symbol Transport, a leading provider of automated fare collection systems, have signed a partnership agreement early this August.
Collaboration framework will involve the launch of PayiQ’s virtual travel card in Ukraine as a part of a closed loop system. Virtual transport card is a cutting-edge technology product which will fill the market demand for an easy payment method on the go. It is a compelling alternative to plastic transport cards used traditionally in closed loop systems. Symbol Transport for their part have an open loop EMV solution that allows contactless credit or debit card payments. The companies’ solutions will complement each other, offering both open and closed loop system for any international mass transit project that require bank card payments.
“We want to assist the transit operators of Ukrainian cities so that they can provide digitally advanced, user-friendly, and comprehensive solutions for public transport service payments. Our system can be seamlessly utilized across different cities by various categories of passengers. In addition, adopting Symbol Transport’s EMV technology in open loop payments will allow us to strengthen our position in international markets,” says PayiQ’s CEO Pirkka Lankinen.
“This project should solve the urgent problem of transport plastic cards and chips shortage in Ukraine. Thus, it allows passengers to continue using mass transit at a lower price, as requested by the customer,” comments Oleh Terletskyi, CEO of Symbol Transport.
By implementing the virtual card, partners intend to jointly take initial steps towards the reconstruction of the country, as requested by the Ukrainian government, by making public transport digitalized, modernized, affordable and convenient.