The future of payment – the revolution of mobility technology

May 18, 2023 Written by Stand team

Tags: environment PR sustainability

Phasing out petrol and diesel cars and introducing EVs is a great option in tackling climate change and reducing carbon emissions. However, if we are to meet net-zero targets and make serious progress on our climate goals, we cannot rely exclusively on EVs. We must start thinking about different ways of getting around; this is where decision makers need to seriously consider multimodality.

Multimodality refers to the integrated use of several different forms of transport. In simple terms, this means getting more people to walk, bike, ride a scooter, hop on a bus, or take the train. To encourage people to consider this variety of mobility options, they need to become more accessible to all users. This might be through the creation of user-friendly apps, better information systems, convenient payment methods and improved infrastructure, all of which will help make multi-modal transport the simplest and most desired option.

The problem

For many, the car has become the default transportation option, whether that be a petrol/diesel car, hybrid, or an EV. Cars have provided an easy way of getting around and governments have traditionally focused on investments and infrastructure that make cars as accessible as possible. However, a combination of the fallout of the pandemic, the current cost-of-living crisis and the unprecedented climate crisis has forced us to all think about the way we travel, and it has become clear that cars are not always the most convenient, cheapest, or environmentally conscious option.

A multimodal solution

In order to bring down carbon emissions and advance transport equity, we need to encourage a greater mode shift. We don’t need a radical new mobility solution; multi-modality is about using what already exists but improving and investing in infrastructure and initiatives that will better connect the different modal networks.

Multi-modal transportation offers a range of benefits. Perhaps the most obvious benefit of multimodal transport is its contribution to meeting net-zero targets. By making options such as e-bikes, scooters, trains, and buses more accessible, this will inevitably contribute towards climate targets by reducing vehicle emissions and creating cleaner air. E-bikes and e-scooters, in particular, provide a zero-emission option that are not only convenient but also promote a healthy lifestyle. We have seen an increasing demand for these offerings and incorporating them into transport networks, alongside public transport and car-sharing services, will provide convenient, less polluting and more energy efficient modes of transport.

Aside from the environmental benefits of multimodal transport, one of its biggest benefits is that it is inclusive. It provides easy and affordable transport options to all segments of urban populations. Everyone from young to old people, suburban to inner city residents and everyone in between, will have access to a variety of transport modes to conveniently get around. With a multi-modal solution there is something for everyone, in one single journey, users can stick to one mode of transport, or they have the option to take a bus, train and a bike if they wish.

How do we make this happen?

There is no magic equation to making this happen, the transition will involve a variety of moving parts. One way forward is dynamic pricing strategies and convenient payments. In an uncertain economic climate, dynamic pricing strategies make users think about what makes most economic sense to them when considering their mobility options.

To further encourage varied modes of transport, convenient and integrated payment solutions will be important. The creation of apps makes it as easy as possible for users to access information about a range of mobility options whenever they need, providing real-time transport information including route maps, travel times and booking/rental services. Some of these apps also have smart payment options included app, which allow users to access transport information and manage transactions together in one place.

To make sure all of the above work most effectively will require the presence of strong institutional frameworks. Governments must work with local authorities to create unified transportation authorities, who can liaise with mobility providers to plan, coordinate, execute and monitor the implementation of multimodal transport.

We can no longer rely on one transport mode to meet our climate goals and create equitable access to transport. We need to take an integrated approach to urban transport and optimise existing infrastructure, vehicles, and space use. There are evident benefits to this approach and if governments can work with local authorities, mobility and tech providers, multi-modal transport can provide convenient, environmentally friendly, and equitable mobility options for urban societies across the world.