Mohammad Yaseen

Mohammad Yaseen

In recent years, an interesting development has been sweeping the transportation industry — open-loop payment. By open loop payment in transportation, we mean that passengers have the option to pay their fare using their contactless bank card or mobile wallet (like Apple Pay or Google Pay). While not widely adopted yet, open-loop payment automatic fare collection could soon revolutionize mass transit as we know it by making travel more convenient and cost-effective for riders in several different ways.

Open loop payment refers to a system where riders can use a single card or account to pay for multiple transit services. This could include using your phone to pay for public transportation, parking, or even tolls. The benefits of open-loop payments are many, including reducing congestion and simplifying fare collection. Additionally, open-loop payment systems have the potential to speed up boarding times and improve customer satisfaction.

Meet Mohammad Yaseen, a senior system analyst who has a proven track record of success in the fintech sector. What’s impressive about him is that he possesses strong optimization above Enhanced data backup, extraction, migration, and synchronization through process improvement, and is able to spearhead risk management and control administration in order to improve operational productivity and mitigate institutional risk.

He has 15+ years of experience in fintech industry and specializes in certifying point-of-sale devices with multiple card schemes (VISA/Mastercard/JCB/UPI/AMEX). He has recently been working at a fintech company for implementing and certifying Payment Gateway for transit systems in Qatar.

Mohammad Yaseen says “Open-loop and Closed-Loop payment systems” are revolutionizing the way we pay for mass transportation. No longer do we have to fumble for coins or paper tickets; now, we can simply tap our phones or contactless credit/debit cards to pay for our ride. This new system is not only more convenient, but it’s also more secure and efficient”.

Payment systems come in all shapes and sizes. They can be as simple as cash or check, or they can be as complex as new credit card technologies being created by companies. The basic difference between open loop and closed loop payment systems lies in the fact that closed loop systems exist to process payments that have already been pre-authorized by the user, while open loop systems are constantly looking for potential customers to purchase goods and services from them.

The difference between these two payment systems can be challenging to understand at first, but there are some key distinctions that make it easier to grasp the difference between them.

Open Loop

An open-loop payment system is a system where the card issuer has no relationship with the merchant’s bank. In this type of system, the cardholder can use their card at any merchant that accepts the card network. The benefits of an open loop system are that it offers flexibility and convenience to cardholders.

However, one downside is that it can be more expensive for merchants because they have to pay fees to both the card issuer and the card network.

Closed Loop

A closed loop system is one in which the network of financial institutions that issue and accept a particular type of card are all part of the same company or organization. Closed-loop systems offer more protection for consumers because they can rely on the issuer to help resolve any disputes that may arise from the use of the card. Additionally, these networks often have higher limits for things like cash back or reward points.

One downside to closed-loop systems is that they typically don’t offer as many locations for use as open-loop networks.


Over the last decade, technological advances have transformed how people move around cities. Thanks to ride-sharing apps like Uber and Lyft, people no longer need to own cars or use taxis—they can simply summon one with their smartphone. In addition, digital ticketing has taken over public transit systems in cities across the globe—and soon, it will be even easier to pay when you travel on public transit as contactless payment technology becomes increasingly popular.

According to the International Association of Public Transport, 64% of people around the world would use public transportation if it were faster and easier to access. One of the ways that transit systems around the world could achieve this goal is by developing open-loop contactless payment systems.