Chase has teamed up with Visa to help new New York transit riders get through the turnstiles and onto trains a little faster.
Commuters who have a Chase contactless Visa card will be able to get through the turnstile simply by tapping the card on the terminal, rather than waiting in line to purchase a transit card. Currently, riders scan their transit cards on the terminal in order to board a bus or train.
Visa says the new system will be more efficient. It says its survey shows more than two-thirds of transit riders have missed a train while waiting in line to purchase a transit card.
About 83 percent of people surveyed said they have had trouble getting their transit card to work at the turnstile. About two-thirds have left or forgotten funds on a transit card, at an average of $35.10 lost.
With the new system, customers will be able to tap their Chase Visa contactless cards or mobile device at the turnstile to ride the subway or bus.
Exceeds digital wallet use
Some 20 million Chase cardholders have Visa contactless credit cards, with the introduction of contactless debit cards scheduled for this summer. That will also include debit cards for Chase Secure Banking customers, a low-cost bank account that opens Chase accounts to even more New Yorkers and public transit riders.
"Customers have been quick to adopt tap to pay and we've already seen it exceeding digital wallet use for customers who have contactless cards," said Abeer Bhatia, president of Card Marketing, Pricing and Innovation at Chase. "Now they will be able to tap to pay for their daily transit needs, and experience how quick and easy it is to check out thanks to contactless cards."
The new system goes into effect in New York City on May 31, allowing transit riders to tap their cards to pay and ride at subway stations along the 4/5/6 lines between the Grand Central-42ndSt. station and the Atlantic Ave-Barclays Center station, and on all Staten Island buses. Over time, Visa and Chase say all city subway lines and bus routes will accept contactless payments.
New York’s MTA is the first municipal transit agency to adopt contactless payments using Visa's global transit framework, allowing riders to use any Visa credential – whether it be a Visa contactless card, mobile device, or wearable – to pay a fare and board a means of public transportation.