CIO Straight Talk - Issue 12 - 28

eliminating the need to purchase a new ticket
for each trip.
The Oyster Card was immensely successful and
popular (and technically contactless), But, it still
required people to change their money for ours
in order to travel. Given how much it cost us to
process these payments, could we find a way for
people to pay for transport without our having
to sell tickets?
" Given how much it
cost us to process
these payments,
could we find a way
for people to pay for
transport without our
having to sell tickets? "
Selling tickets not only solved this problem but
led to all sorts of clever deals: weekly passes,
monthly passes, tickets that gave you not just
transportation but also access to attractions,
such as the zoo. It also created a whole
industry around ticketing.
In retrospect, the solution was blindingly obvious:
If you could allow people to pay for travel with
their credit or debit card, we wouldn't have to
sell tickets and our problem would be solved.
The problem was the customer experience of
using a credit card or a debit card to make
micropayments. If you buy a bottle of soda
or a newspaper or a bus ticket, you want that
transaction to be quick. You don't want there to
be a gap in time during which you are fiddling
around with your PIN number or a signature.
We somehow needed to make the payment
experience of using a credit card to pay your fare
so seamless that people would compare it to
the experience of using an Oyster Card.
So how could we make credit cards fast enough
to be used in our setting? And the answer to
that, again, was obvious: Add the Oyster Card's
contactless functionality to your credit card.
First, we had to rewrite the whole chip and PIN
standards to make them suitable for contactless
credit card payments. That was quite a big
In the modern era, starting in 1965, we went from
cardboard tickets to tickets with a magnetic
stripe that could open and close the gates
automatically. Then in 2003 we introduced the
Oyster Card, an electronic smartcard that allowed
users to buy and store credit for numerous
trips and recharge the card when necessary,
exercise by itself. Visa and Mastercard, being
two different companies, don't coordinate
their standards with each other, so we were
intermediaries between them to make sure that
the standards remained aligned. A whole set of
security standards and a whole commercial set
28

CIO Straight Talk - Issue 12

Table of Contents for the Digital Edition of CIO Straight Talk - Issue 12

Contents
CIO Straight Talk - Issue 12 - Cover1
CIO Straight Talk - Issue 12 - Cover2
CIO Straight Talk - Issue 12 - 1
CIO Straight Talk - Issue 12 - Contents
CIO Straight Talk - Issue 12 - 3
CIO Straight Talk - Issue 12 - 4
CIO Straight Talk - Issue 12 - 5
CIO Straight Talk - Issue 12 - 6
CIO Straight Talk - Issue 12 - 7
CIO Straight Talk - Issue 12 - 8
CIO Straight Talk - Issue 12 - 9
CIO Straight Talk - Issue 12 - 10
CIO Straight Talk - Issue 12 - 11
CIO Straight Talk - Issue 12 - 12
CIO Straight Talk - Issue 12 - 13
CIO Straight Talk - Issue 12 - 14
CIO Straight Talk - Issue 12 - 15
CIO Straight Talk - Issue 12 - 16
CIO Straight Talk - Issue 12 - 17
CIO Straight Talk - Issue 12 - 18
CIO Straight Talk - Issue 12 - 19
CIO Straight Talk - Issue 12 - 20
CIO Straight Talk - Issue 12 - 21
CIO Straight Talk - Issue 12 - 22
CIO Straight Talk - Issue 12 - 23
CIO Straight Talk - Issue 12 - 24
CIO Straight Talk - Issue 12 - 25
CIO Straight Talk - Issue 12 - 26
CIO Straight Talk - Issue 12 - 27
CIO Straight Talk - Issue 12 - 28
CIO Straight Talk - Issue 12 - 29
CIO Straight Talk - Issue 12 - 30
CIO Straight Talk - Issue 12 - 31
CIO Straight Talk - Issue 12 - 32
CIO Straight Talk - Issue 12 - 33
CIO Straight Talk - Issue 12 - 34
CIO Straight Talk - Issue 12 - 35
CIO Straight Talk - Issue 12 - 36
CIO Straight Talk - Issue 12 - 37
CIO Straight Talk - Issue 12 - 38
CIO Straight Talk - Issue 12 - 39
CIO Straight Talk - Issue 12 - 40
CIO Straight Talk - Issue 12 - 41
CIO Straight Talk - Issue 12 - 42
CIO Straight Talk - Issue 12 - 43
CIO Straight Talk - Issue 12 - 44
CIO Straight Talk - Issue 12 - 45
CIO Straight Talk - Issue 12 - 46
CIO Straight Talk - Issue 12 - 47
CIO Straight Talk - Issue 12 - 48
CIO Straight Talk - Issue 12 - 49
CIO Straight Talk - Issue 12 - 50
CIO Straight Talk - Issue 12 - 51
CIO Straight Talk - Issue 12 - 52
CIO Straight Talk - Issue 12 - 53
CIO Straight Talk - Issue 12 - 54
CIO Straight Talk - Issue 12 - 55
CIO Straight Talk - Issue 12 - 56
CIO Straight Talk - Issue 12 - 57
CIO Straight Talk - Issue 12 - 58
CIO Straight Talk - Issue 12 - 59
CIO Straight Talk - Issue 12 - 60
CIO Straight Talk - Issue 12 - 61
CIO Straight Talk - Issue 12 - 62
CIO Straight Talk - Issue 12 - 63
CIO Straight Talk - Issue 12 - 64
CIO Straight Talk - Issue 12 - 65
CIO Straight Talk - Issue 12 - 66
CIO Straight Talk - Issue 12 - 67
CIO Straight Talk - Issue 12 - 68
CIO Straight Talk - Issue 12 - 69
CIO Straight Talk - Issue 12 - 70
CIO Straight Talk - Issue 12 - 71
CIO Straight Talk - Issue 12 - 72
CIO Straight Talk - Issue 12 - 73
CIO Straight Talk - Issue 12 - 74
CIO Straight Talk - Issue 12 - 75
CIO Straight Talk - Issue 12 - 76
CIO Straight Talk - Issue 12 - 77
CIO Straight Talk - Issue 12 - Cover3
CIO Straight Talk - Issue 12 - Cover4
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