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Mastercard Brings Transit Into The Fast Lane To Speed Daily Commutes

March 26, 2019 Financial No Comments Email Email

Anyone rushing to catch the train, bus or subway knows that every second counts and Mastercard plans to make transit payments as simple as a flick of the wrist. The company today announced that new transit solutions are expected to be live in more than 20 cities in the United States within the next few years.

From mobile ticketing to digitizing commuter cards and enabling contactless payments, Mastercard has already embedded its technology in 16 metro areas including Los Angeles, Boston and Denver to make getting from Point A to Point B as simple as buying a morning cup of coffee.

Later this year, New York City will begin to open up ‘tap-and-go” payments on its subway and bus systems. At the core of the contactless transformation of the future will be Mastercard’s global M-Chip technology and tokenization services to support MTA-issued contactless cards and tokens for digital wallets. These capabilities will help store the MTA-issued card on a digital device without exposing important details and enable terminals to accept open loop and MTA-issued contactless cards — making the commuter experience safe, simple and secure. Mastercard is working with Cubic Transportation Systems to enable daily commuters and visitors of New York City to tap and go around the City.

“Transit is an important catalyst for quick and broad adoption of contactless, said Linda Kirkpatrick, executive vice president, US Merchants and Acceptance, Mastercard. “There are technologies that need to be integrated both at the device-level and infrastructure level. Mastercard is deeply engaged with cities, their transit authorities and integrators in bringing new products and solutions to support their payments transformation.”

Examples from around the world show that tapping a card every day at transit serves as a tipping point for consumer adoption of contactless and it is expected to be the same in the United States. In London, 50 percent of all Tube and rail pay-as-you go commutes are now made using contactless payment cards or mobile devices, with cardholders representing over 100 countries. Since contactless transit launched in Vancouver, it took only two months to reach one million contactless journeys.

“Globally, the majority of all urban transportation is paid in cash, which can mean long lines at ticket stations and machines, missed trains and delays on buses,” said Matt Cole, President of Cubic Transportation Systems. “For consumers, contactless technology provides a seamless, secure experience that moves people through stations and on to buses seamlessly and without friction. For transit authorities, the increased speed can expand ridership, reduce dwell times and operational costs.”

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