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Cubic Wins $500M Contract to Overhaul NYC Subway and Bus Fare System

A mock-up of what the new subway turnstiles in New York City might look like after upgrades. (Credit: CUBIC TRANSPORTATION SYSTEMS)

The change, which includes mobile payment options, is a big one, but it's been a long time coming.

After 25 years, New York City is saying goodbye to the MetroCard and hello to the iPhone.

The New York Metropolitan Transportation Authority (MTA) has voted to grant a contract worth more than $500 million to Cubic Transportation Systems (CTS) to set up a new fare payment system for the city’s subway, bus and rail systems that will allow riders to pay directly with mobile devices as well as debit and credit cards.

And yes, there will still be a contactless card option available. But MTA expects most people to go for the faster options.

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