7:49 am - Tuesday October 24, 2017

Pay for Public Transport with Credit

Israeli startup PCENTRA has developed a system enabling loading smart cards with cedit and operates the Rav-Kav (transport card) online service

Rav-Kav card

Rav-Kav card

Israeli startup PCENTRA has developed a system enabling loading smart cards with cedit and operates the Rav-Kav (transport card) online service. PCENTRA is one of the eight companies to have made it to the finals in Visa’s recent Everywhere Initiative programme. It reached the finals out of almost 200 European companies. The contestants had to introduce the payment solutions they were offering in three categories, using the Visa API interfaces, where the winning groups were even given the opportunity to make use of them. PCENTRA competed in the Regional Intercity Challenge category.

”Public transport is a field in which many transactions are still made with cash”, explains Moti Maimon, CEO of PCENTRA. But today people want to load their Rav-Kav card online, the same way they pay for many other services. To address this need we are developing a mobile payment solution for transport.

For this we need knowledge both in the field of payments and in the field of transport and, of course – we need knowledge in securing digital data. When we talk about transport, we are talking about a lot of money changing hands, a large proportion of which is public money. Any solution in this field has got to be secured. In Israel we operate the RavKav Online service, which in the last year and a half has brought about a silent revolution in everything related to public transport payments in Israel. For the first time it is actually possible to pay for public transport through the smartphone.

We are working under the currently existing regulation. We have taken the regulation and developed a solution enabling performing mobile payments without adding onto the existing equipment. Besides this solution we have got other solutions like QR cards for special journeys”.

Maimon: “The reason we participated in the Visa contest is the potential for rapid expansion: our solution is suitable for over 80% of the cities in the world and it can be implemented immediately. For this reason we are looking for a global player who shares our interests and has good geographic coverage. Visa’s goal is to switch from cash to credit cards and our goal is to enable users more convenient and modern payment types”.

Oded Salomy, General Manager of Visa in Israel, said: “PCENTRA was among 8 Israeli companies that reached the finals and competed for the prizes against another 7 young companies from Europe. The competition was tough but the contestants stood out with their innovative ideas, their advanced technologies and their solutions, which will be altering the way people buy and use money”.

Bill Gajda, Visa’s Executive VP for Innovation and Strategic partners in Europe, the Middle East and Africa (EMEA), said: “We looked for, and are continuing to look for a broad range of Fintech solutions. In places like Tel Aviv, Berlin and London there are lots of companies working in these fields.

Israel is strong in many technologies, nor just in what traditionally is related to security. Israel is emerging as a world leader in biometrics and now a vibrant bitcoin community is also forming there. And even generally speaking there are lots of good Israeli Fintech companies we would like to work with and accelerate their development”.

To contact Visa’s Innovation division in Israel, please click here.

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