Open-loop
General-purpose payment methods that can be used with a variety of merchants, outside of your transit system – e.g., debit/credit cards.
Closed-loop
Payment methods limited to a specific provider or specific purpose and that generally require specific standards and proprietary technology – e.g., a local transit smart card issued by your system.
cEMV
Contactless payment media which comply to the cEMV payment security standard, as originally created by Europay, Mastercard and Visa – e.g., credit/debit cards and Apple/Google Pay.
Mass Transit Standards
cEMV media-enabled validation devices within a public transport system – e.g., Visa’s MTT (Mass Transit Transactions), Mastercard’s CTAT (Contactless Transit Aggregated Transactions) or American Express’ CAPN (Card Acceptance Processing Network).
PCI-DSS
The PCI Data Security Standard defines the security requirements for IT systems that process credit and debit card transactions. Open payment system must be certified.
ABT & IDBT
Information is no longer stored on a fare card or device but is, instead, housed centrally in the cloud. This system creates personalised or anonymous accounts to store transactions, ticketing and payment information made with a certain card or device. The fare medium then acts as an identifier to refer to the related account. This is why Account-Based Ticketing (ABT) is also called Identity-Based Ticketing (IDBT).
There are lot of acronyms to describe a user experience, but they could all be summed up rather succinctly: Tap and go!
Interested in more? Then join us for a deep dive into Pay As You Go and Fare Capping in the next part of our ‘Let’s talk about open payment’ series!
