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A new ecosystem of personal mobility is emerging. Involving electric vehicle manufacturers, public transportation firms, ride-hailing apps, data providers, and many other organizations, MaaS represents a user-centric transportation management system in which all transport modes, service operators, and infrastructure providers are connected under a single platform.
The urban population continues to grow rapidly. By 2050, it’s projected that 68% of the world’s population will live in urban areas - up from 54% in 2016. This will place additional strain on existing infrastructure and land resources.
By 2030, it’s predicted that the world will have 41 megacities - conurbations with more than 10 million inhabitants. MaaS can play a critical role not only in facilitating travel across these huge urban areas but also between mega-cities and other less-populous regions.
The European Union has committed to reducing overall CO2 emissions by 80% in 2050 when compared with the base year of 1990. Meeting the CO2 emission reduction goal will require a huge restructuring of current transportation service and adoption to MaaS.
The global car-sharing market grew at a compound annual growth rate of around 8% between 2014 and 2019, largely driven by new mobile apps. Connected vehicles and IoT sensors promise to bring further innovation to the MaaS market.
Although the commercial potential of MaaS innovation is immediate, many mobility companies do not have an awareness of what payments can do for them in this area. Although MaaS may take a number of years to achieve technological and market maturity, mobility firms cannot afford to wait before getting on board with this trend. If you don’t focus on MaaS now, you will miss out on a revolution that is gradually being embraced by your competitors - in both the private and public spheres.
Find out how PaymentGenes can use payments technology innovation to deliver a winning mobility-as-a-service strategy for your business today.
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