With MOVE 2023 around the corner, Mastercard – a global technology company in the payments industry that processes billions of mobility transactions an on annual basis, and a Diamond Sponsor of this year’s show – previews the current Urban Mobility landscape, where the industry is headed, and the key innovations that will be crucial to the future of space.
The changing urban environment
According to The World Bank, around 4.4 billion people, equating to over 50% of the world’s population, live in cities or urban areas today. It is expected that the urban population will double in size by 2050, with around 7 out of 10 people living in cities.
All these people, whether residents or visitors, need convenient ways to move around urban environments, which is why city leaders and transit operators must consider the evolution of coremulti-modal urban mobility infrastructure. That evolution is not only vital for residents and visitors – businesses of all sizes also need to have easy access to their customers, suppliers, and partners.
Unfortunately, many people living in urban environments still struggle to find cost effective and efficient ways get to work, school, medical care, and other key destinations. While fulfilling those transportation needs continues to be a challenge, it also presents an opportunity to create inclusive, integrated, and sustainable mobility solutions that help riders get to their destinations more quickly and conveniently.
This moment in mobility
Many cities around the world are pioneering a revolution in urban mobility. Technologies that were virtually unthinkable 20 years ago are now being deployed to enhance a rider’s journey. As technologies such as mobile and contactless become the norm, and practices like EV charging, road user charging, in-vehicle payments, and many more take root and grow, there is immense opportunity ahead and an increased pressure to improve the end-to-end urban mobility experience.
Realizing a frictionless future where multiple technologies, services, and offerings work together to support all urban mobility needs is something which Mastercard is passionate about. From London to New York and Singapore to Sydney, Mastercard has partnered with public and private sector mobility operators to enable simple and convenient ways for everyone to get around, while addressing the need to support inclusion, maintain profitability, and alleviate peak pressure for over a decade.
Looking ahead at a frictionless future
So, what does the future of urban mobility hold, and which advancements will be key?
Mastercard is committed to leveraging technology, partnerships, and payments innovations to help deliver seamless end-to-end journeys based on rider preference while providing cost effective and inclusive mobility solutions to cities.
“Over the last 10 years the urban mobility landscape has undergone massive transformation and modernization. In spite of that evolution, rider friction remains as one of the defining characteristics of navigating urban environments,” said Chapin Flynn, SVP Transit and Urban Mobility, Mastercard. “We look forward to connecting with our partners and members of the urban mobility community at MOVE 2023 to discuss what each of us is doing to remove friction from user journeys, optimize ridership, and help cities around the world to get visitors and residents to their destinations as quickly and cost effectively as possible.”