Terminal Swap&Go Inc.: A Cashless Payment Solution for Public Transport

Terminal Swap&Go Inc. is a cashless payment solution for public transport. Our swapping cards will help solve the problem of defrauding activities found in the transport sector. Our target market comprises of everybody using public transport system in Australia. We will make use of different technology-based tools and facilities used in this digital era.

My Business Idea
Name:
Cell:

Company Information
Company name: Terminal Swap&Go Inc.
Name of the founders:
1) (name) …………..contact
2) Ivy Isla………….. [phone]
3) Ella Mia ………… [phone]
4) Noah Oliver …….. [phone]

Acknowledgement
I would like to express my special gratitude to my lecture(name) for giving me
this chance to do this wonderful research of a business venture. It has helped me
to do a lot of research and I have come to know about so many things which will
certainly help me in my future career endeavors. Special thanks also to any
other facilitator who has helped in completing this projected within the given
time frame.

Overview
I will provide a more convenient mechanism of paying transit fare to everybody using public
transport system.
Chip-cards will be provided to passengers using public service vehicles and the owners will
be given some swapping machines.
Instead of paying using cash, our customers will be paying their transport costs using this
cards.
Upon swapping on the machine, the fare amount will be deducted automatically from their
linked bank accounts.
This product will reduce risks associated with cash especially for long-distance travelers.
In this presentation I will present to you detailed information regarding our new product in
town.

Continuation
The following information will be relayed in this presentation:
An overview or a brief explanation of the product to be launched .
The problem which this invention will solve
The solution which our services will bring about
Technological tools and facilities which the product will use
Opportunity and targeted market which will also capture various business predictions

The Problem
Currently, there are so many security problems associated with moving around carrying cash
money such as thievery and conning.
In this regard, people are striving hard to shift to electronic money (E-money) to make
payments (Tarazi, & Breloff, 2010).
Now, the pain of losing money meant for transport through various ways will be abated by our
new product.
Strategies have been put into place to introduce e-money in the transportation sector but the
customers seem unsatisfied since each solution has some drawbacks which outdo the benefits.
We believe with a successful launch of our swapping cards the problems will get better.

Continuation
Our potential customers still feel unsafe.
They are thinking that E-money is associated with risks such as digital
counterfeiting and systemic risks and thus inefficient.
However, experts argue that unlike cash, risks revolving around E-money can
easily be mitigated. For example a customer losing E-money can easily trace it via
the involved systems (Miliani, Purwanegara, and Indriani, M.T.D., 2013)
Passengers are commonly conned and swindled their money while paying bus fare
thanks to our cashless bus fare payment system.
This problem has been serious to an extent of discouraging travelers to use public
service vehicles.

The Solution
Defrauding activities found in the transport sector are instigated by the heavy usage of
cash.
Our swapping cards will help solve this problem since it will introduce a cashless
payment system.
In the country’s move towards digital era, we shall help and bring E-money in the
public transport sector.
Other services have been brought before to address these problems but they cannot
match our new venture.
This is because it will be more user-friendly and even the illiterate and semi-illiterate
will be in a position to use it comfortably.

Continuation
Use of chip-cards to make transport payments will free our customers from the
aforementioned challenges.
Companies and individuals, for example, will be able to book their transportation
expenditures with ease because the records will be well captured in their banking
statements.
Thus, the lives of our customers will have been made more comfortable especially
when travelling and accounting for the transportation costs.
Our solution will also help them in hitting their cashless economy target.

How to Protect my Business Idea
There are few steps I will take to erect barriers to prevent others from quickly
copying my solution. They include:
i. Trademark my name.
ii. Using Non-Disclosure Agreements.
iii. Documenting
iv. Avoiding revealing too much
v. Applying for a Provisional Patent.
vi. Researching the recipients
vii. Following my instincts.

Opportunity and Target Market
My target market comprises of everybody using public transport system in Australia.
This include individuals, companies, and groups which every day use public vehicles as
their main means of transport.
Everybody in our target market is aiming at reducing excessive use of cash money in
their daily transactions.
They are shifting to a digital era whereby only electronic money is circulating in their
economy instead of cash.
Most of them are now feeling insecure moving around carrying cash in their pockets
owing to the many risks linked to this practice.

Continuation
The current population of Australia stands at 24,799,050 and I am anticipating that
before the end of the year at least 30% of this population will be using our services.
Thus our market share is projected to stand at 74,39,715.
The approximated income per customer is projected to amount to 1.5 AUD
By assuming that at least 50% of our market share will use our services daily, our net
sales will be at 5579786.25 AUD.
However, these projections are expected to be altered by various economic, social, and
political issues which directly or indirectly affect the usage of our services.

Technology
For my idea to be a success, I will make use of different technology-based tools
and facilities used in this digital era.
There will be a smart card embedded with a chip that the customer upon
purchasing will have it linked to his or her preferred back account.
A swap & go machine will be strategically placed at the entrance of the vehicle and
after swapping, it will generate a receipt for the client detailing his or her transaction.
The total bus fare the passenger intends to pay will be automatically deducted from
their account and transferred to the account of the vehicle operator. This amount will
also include a small charge which shall be a revenue to the service provider.
This process will be subject to improvement as time moves by.

References
Miliani, L., Purwanegara, M.S. and Indriani, M.T.D., 2013. Adoption Behavior of E-
Money Usage. , 5(7), p.369.Information Management and Business Review
Tarazi, M., & Breloff, P. (2010). Nonbank E-Money Issuers: Regulatory Approaches to
Protecting Customer Funds. Focus Note, 63, 1-10.