The global transportation payment solutions market is estimated to be valued at USD 5,266.6 million in 2021 and is poised to grow at a significant CAGR of 16.8% over 2022-2028. Transportation payment solutions are a sort of payment system in which money transactions took via digital methods while transportation. This kind of digital payment can also be referred to as an electronic payment solution during transportation because there will be no actual currency involved. The contactless payment system is anticipated to show a significant growth in the market forecast owing to public convenience and safety and consumes less time to process. Moreover, the players are focusing on technological advancements to maintain growth in the market. For instance, in February 2022 – Transtura acquires WazoMoney, to launch payment solutions for the mobility sector. Huge demand for transportation payment solutions in the travel and tourism industries and increasing digitalization of the transportation sector are the key driving factors for the high adoption of transportation payment solutions across the world.
Recent Market Developments:
In February 2022, MercuryGate International, Inc. added smart transportation features, such as embedded analytics, artificial intelligence, and machine learning, to its transportation management solution. The enhanced solution was designed to provide real-time insights into global and local supply chain requirements.