The MTA has unveiled its tap-to-pay system for subway and bus fares — and it will go live on May 31:
: Visa predicts the number of contactless cards issued in the US will rise to 300 million by the end of 2020 from 100 million at the end of this year.Enabling contactless transit payments in a major city could feed into habit formation around contactless payments in the US — mirroring the effect contactless transit had in other markets.
OMNY could encourage habit formation around contactless cards and mobile wallets in the US. In London, for example,of all transit payments are made with contactless cards. And transit payments helped to popularize contactless cards and encouraged adoption of mobile payments, with nearly 1 in 8 contactless trips in the city made using a mobile device."Mass transit is a really terrific use case for tap and pay: People commute 10 times a week.
The proliferation of contactless payments could ultimately boost volume for card networks and issuers.This could add $40 million in annual revenue for Visa once OMNY is fully implemented in 2021 and the firm could see an additional 2.5 billion transactions from the subway each year, according to Mizuho Securities estimates. Meanwhile, banks issuing the cards could boost profits by $2.
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