The Interoperable Fare Management (IFM) Project aims to reduce barriers to interoperable smart media to make public transport more user-friendly by facilitating seamless accessibility to different public transport networks through a contact-less media. This type of IFM scheme creates new challenges to enable data and shared services. To highlight the challenges and risks to all players within IFM, a Trust Model is necessary. This paper discusses a methodology to create this model. It does this from 3 perspectives - trust in the technology, trust in the members and trust for the customers. This final paper presents the initial results defining the existing Trust Models, comparison with other businesses, and details the recommendations for a future EU IFM Trust Model.