The Challenge:
With the global rise of various payment solutions, it has become a challenge to unify constantly developing landscape of payment and settlement in the transportation industry.
Our Solution:
https://cardano.ideascale.com/userimages/accounts/93/936143/panel_upload_48088/Unified-Transport-Payment-Gateway-Diagram-50859f.jpg
• The goal is to build a unified payment gateway platform on top of the Cardano Blockchain that allows secured and fair transactions among all stakeholders regardless of fare media, payment system, or geographic location.
• Payments and settlements among parties will be automatically executed through immutable smart contracts based on equitable global standard agreements.
• Allows fast and seamless integration with any payment solution via APIs.
• The platform will encrypt/decrypt vehicle trip data from any Fleet Management System and process the information for payment/settlement fulfillment.
• Each party will have their own wallet within the platform.
• The Unified Transport Payment Gateway guarantees a level playing field for payment solution providers in terms opportunity and market share.
Several new technologies are currently available and are expected to see broad use in general payments in the next few years. Among these are:
• Chip-enabled (EMV) credit and debit cards.
• Smart phones with Near Field Communications (NFC)
• Reloadable Cards
• QR Code
• Digital Wallet
With the global rise of various payment solutions, we can convert these challenges to opportunities. These boils down to our specific objectives for a unified transport payment gateway which include:
• Increased mobility for all users by allowing use of all transportation services, readily available via payment means.
• Increased transit of users and revenue as a result of reduced barriers to use.
• There will be a single system available for all as users can pay their fares using what they already possessed.
• Allow different public transportation mode into a seamless transit network, cost-effectively expanding the number of services and destinations available to users.
The outcome of this project is to develop a decentralized Payment Gateway using DLT and dApp on Cardano Blockhain, allowing secured & fair transactions using smart contracts. With the Unified Transport Payment Gateway, we can eliminate the fare product selection card purchase and reloading and other fare collection services and replace them with a tap or display of payment media the traveler already possesses.
In order for us to launch and complete this project successfully, aside from the scope of work detailed in the "FEASIBILITY", we are bound to keep our team on the same page, by living and focusing on Euodoo’s strategic approach:
- Strategic Assessment - identifying the process or function that needs improvement.
- GAP Analysis - course of matching specific needs and service level
- Design, Build, and Implement - creation and development of application blueprint to service transition and implementation
- Monitoring and Evaluation - maintenance and continuous service improvement efforts
How will the outcomes of your project be communicated or marketed once completed?
Our marketing objectives includes:
- Creating Brand Awareness by implementing series of marketing activities to increase visibility
- Focus on Target Market by scheduling promotional activities and roadshows. Basically our target market includes people from all walks of life.
- Enhance Customer Relations by conducting activities for both drivers and passengers while gathering feedbacks
- Customer Retention by providing promotional codes as part of loyalty rewards system
Marketing Plans:
- Direct Marketing - we will be using direct marketing to promote the service through mobile application to the market to make sure of the best quality service. In furtherance, we will establish a relationship with the customers by having a direct point of contact through phones and emails, to better manage feedbacks and relationships.
- Advertising Plan - we will be using various advertising means such as television commercials, newspapers, billboards, and posters in bus stops and train stations.
- Social Media Marketing - the use of social media platforms such as Facebook, YouTube, Instagram, and Twitter to increase awareness through shared post and paid advertisements.
Building an interoperable unified transport payment system is more than a simple IT project, it is a large scale change project that will impact significantly across all aspects of the transport operations. Below are the number of challenges in implementing a unified transport payment gateway:
• Dealing with a vast network of public transport operators, stakeholders, technology suppliers, and legislative procedures, just to get a unified transport payment off the ground.
• The timeframes required to deliver technological products, particularly when a supplier have delays in the delivery, this will pull back the implementation.
• The funding sources to provide enough capital and human resources required to make the system a success
• Integration across different public transport modes or multiple public transport operators
It takes a high level of expertise and a special nose in transport industry, system analysis, system design and development to launch this dynamic gateway platform. To overcome these potential challenges, there should be a clear vision as to what the system will achieve. These vision emerges from these three sources:
• Experience – Our area of expertise revolves around dealing with a multiple network of public transport operators, suppliers, fintech, and government agencies specially in the transport industry. Over the years, we have honed our experiences in dealing with these significant groups in the transport industry.
• Knowledge – We are a System Integrator company offering wide-range IT solutions and services to vast industries. We are one of the leading suppliers for the modern jeep program and we are proud to say that we are the pioneer in developing a real-time distance-based automated fare computation in the Philippines.
• Inspiration – Combining our expertise in fleet management, automated fare collection system, and being a System Integrator in one, we are inspired to bring these altogether into the future. With the help of the DLT and DApps on Cardano, we are confident that we can pull this off.