IBA Group Showcases NFC Solution in Moscow
On February 20, IBA Group participated in the Wecon Transit Forum that took place in Moscow, Russia. IBA showcased tapXphone, a newly-developed payment solution.
TapXphone is a solution that enables a smartphone with an NFC chip to work as a point of sales (POS). To accept payments, one needs to install a transaction processing application on a smartphone and have a bank account.
With tapXphone, one does not have to acquire payment terminals. Ticket inspectors use NFC-enabled smartphones. Connecting tapXphone and a transport card platform, an operator can implement NFC payments in public transport quickly and seamlessly. Transit operators save on the maintenance of infrastructure and are not dependent on manufacturers.
Passengers are not required to top up classic transport cards, being able to pay with any NFC device, including bankcards, smartphones, bracelets, and smartwatches. The power of tapXphone and the Mass Transit Transaction (MTT) model enhances the attractiveness and convenience of public transportation. Passengers pay an optimal fare that is calculated based on the structure of their journey.
The Wecon Transit Forum is an annual event that takes place in Moscow and is devoted to the development of payment solutions in urban and suburban public transport, industry regulation, creation of a common transport space, integration of payment solutions with city services and social projects, ticket distribution, and loyalty programs.