Neology Acquires tapNpay Inc. to Expand Its Mobility Digital Payment Solution neoRIDE
Carlsbad, California, June 21, 2023 (GLOBE NEWSWIRE) — Carlsbad, Calif – June 21, 2023 – Neology, a global innovator that is [re]imagining mobility, today announced the acquisition of tapNpay Inc., the industry’s leading payment solution for underbanked and unbanked users, to expand their digital payment platform neoRIDE. The combined capabilities will make neoRIDE the Transportation industry’s most equitable alternate payment solution, increasing access to transportation services for all. The neoRIDE platform will serve tolling, parking, transportation services, road user charging, low emission zones, and more.
“With the addition of tapNpay’s patented features and talented team, neoRIDE becomes the only provider of a sustainable, equitable alternate payment solution that offers both a prepaid and postpaid solution, allowing consumers the flexibility to choose what is right for them,” says Neil Jadhav, Neology’s Chief Digital Officer and Mobility Platform General Manager. “We are excited about the future of neoRIDE for our teams, our customers, and ultimately the end users.”
neoRIDE’s payment service allows tagged or untagged toll road users to quickly register their vehicle’s license plates using texts from their mobile phones or through an application (app) downloadable from mobile app stores. Once registered, drivers can use the fast lanes on toll roads without having to stop to pay. The tolls are charged to either their prepaid account, or postpaid with their choice of Credit/Debit card, Apple or Google Pay, PayPal, or ACH. Wherever a toll tag or license plate can be read, neoRIDE will simplify the payment process.
“Combining tapNpay’s capabilities with our user-friendly neoRIDE platform will reduce revenue leakage and create equitable access for our toll agency partners’ customers,” says Bradley H. Feldmann, Neology Chairman and CEO. “Additionally, this will allow anyone with a mobile phone to use toll roads, with or without a toll tag, with or without a bank account, through prepaid and postpaid options.”
Kenneth Plunk, CEO of tapNpay says “Neology is a trusted tolling system integrator and provider of essential technology for the tolling and vehicle enforcement industries. We are excited about the future this creates for tapNpay’s features, the team that develops it, and the consumers that benefit from it.”
According to the International Bridge, Tunnel and Turnpike Association (IBTTA), more than six billion trips are taken on U.S. toll roads each year. Approximately 20 percent of those trips are paid in cash or invoiced. As toll roads convert to all-electronic tolling, it is essential that additional payment tools are in place to facilitate users who cannot or will not invest in a physical tag. For those that have or will want a prepaid tag, expanded payment services like congestion charging and parking is the next logical step.
About Neology: Neology, Inc. is a global technology company headquartered in Carlsbad, California, with manufacturing and technical facilities in the U.S., United Kingdom, and Mexico. Neology is [re]imagining mobility by combining Artificial Intelligence with state-of-the-art tolling, automated vehicle classification, data processing, and digital payment systems, we are helping communities around the world enhance mobility, increase sustainability, and improve safety. Neology’s Integrated Mobility Platform™ is built on a modular open architecture design which enables rapid integration of new & evolving technologies, system reconfiguration, and expansion to support future needs.
Neology Media Contact:
Catherine Phifer
cphifer@neology.net
