This will be the first public-private accelerator of its type in Australia, and not only includes Mastercard and Transport for New South Wales, but also also includes CBA, Amazon Web Services, Optus and the City Innovate Foundation.
The new group "will explore solutions to address transport challenges, such as streamlining the end-to-end consumer experience by integrating different mobility models and reducing friction for both residents and visitors".
Wormald said: “Mastercard has a strong track record of improving people’s everyday experience. We are already working with more than 100 cities — including London, Singapore and Vancouver — to enable a seamless commute. We are truly excited to partner with Transport for New South Wales to leverage our insights, technology and expertise to co-create solutions that improve lives for residents and visitors."
We're reminded that the partnership follows a "successful pilot of Mastercard contactless payments on the F1 Manly Ferry, and subsequent rollout of contactless transit payments across all Sydney Ferries and light rail services".
During the trial, Mastercard says it worked with Transport for New South Wales "to ensure smooth implementation of the technology; facilitating more than 15,000 tap-and-go fare payments for card holders from more than 40 countries".
The contactless transit payment service delivered by Mastercard and Transport for New South Wales acts as the first of many innovations to make Sydney, and other cities, even more livable places.
Wormald added: “For Mastercard, the concept of 'smart cities' is not an end in itself, but a means towards improving the quality of life for all segments of society.
"Through our global standards, digital technologies, data insights and expertise, we will work with Transport for New South Wales to drive inclusive and sustainable urban growth."
With so many people living, working and traveling to cities, Mastercard notes that "many urban hubs around the globe are facing significant friction".
To address these challenges in a more holistic manner, Mastercard reminds us that it recently introduced "City Possible, a first-of-its kind initiative bringing together cities with a united private sector. Corporate partners and cities around the world work together to co-develop, scale and commercialise urban solutions – ensuring that cities can benefit from each other’s learnings".