Thursday, November 20, 2008

Just charge it: CTA to offer more ways to pay with plastic

This story from the Trib sounds good to me.:
In a society addicted to buying on credit, the Chicago Transit Authority is hoping to cash in big time.

A "smart" version of those credit cards and bank debit cards stuffed in your wallet will be accepted for payment of CTA bus and train fares in about a year, transit officials told the Tribune on Tuesday.

The card, which will contain a computer chip that allows the user to pay for rides on the CTA, Pace and other participating transit systems, is otherwise a standard credit or a debit card that can be used at all other businesses where it is currently accepted.

"You tap the card against the card reader and get on the CTA. It removes the barrier of having to get our type of fare [card]," CTA President Ron Huberman said.

But the big story is the money. Bank and credit card companies have competed vigorously in Asia and other parts of the world for a piece of the transit market because the all-in-one card usually ends up being stored at the top of consumers' wallets, so it can be withdrawn easily and often for all kinds of purchases. The companies hope that the added usefulness of their cards will bring them more customers who will use the cards more frequently.

For the CTA rider, the smart cards are billed as being all about the convenience. Consumers ultimately will be able to carry one card to cover just about any expense, from lattes to laundry bills, airfares to Frankfurt and subway rides to Clark and Division Streets, proponents of the cards say.
Someone ought to pitch this idea to Seaway Bank.

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