Many cities seek to be more sustainable by encouraging the use of mass transit. One way to do so is to switch to convenient, innovative payment solutions. In a growing number of cities, transit systems are using smart payment solutions to facilitate users’ daily life and enrich their experiences.
In 1997, Hong Kong launched the Octopus Card, a reusable contactless stored-value smart card for making electronic payments in online or offline systems. Initially designed to collect fares for local mass transit systems, the card has grown to be used in supermarkets, restaurants, parking meters, service stations, etc.
Today, Octopus claims more than 20 million cards in circulation, nearly three times the population of Hong Kong. Roughly 95 percent of Hong Kong’s population aged 16 to 65 uses the cards, generating 12 million daily transactions.
This success story led to the development of similar products in other geographies such as London’s Oyster card.