Cubic, MasterCard and Money Network to Launch Nation's Largest Open Transit Fare Payment System

Cubic, MasterCard and Money Network to Launch Nation's Largest Open Transit
Fare Payment System

New fare system, "Ventra(TM)" brings more choice, convenience and flexibility
to Chicago-area transit riders.

SAN DIEGO, Calif., June 27, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Ventra™ –
North America's largest Open Standards Fare System (OSFS) is about to make its
summertime debut with the Chicago Transit Authority (CTA) and suburban bus
operator Pace. Cubic Transportation Systems, Inc., is CTA and Pace's systems
integrator and services provider for Ventra, leading a team that will provide
services to CTA and Pace through January 15, 2024. Cubic Transportation
Systems, a subsidiary of San Diego-based Cubic Corporation, (NYSE:CUB) today
announced Ventra with its program partners MasterCard® and Money Network®, a
First Data company.

The program will give CTA and Pace customers two new options to pay for their
train and bus rides:

  *The new Ventra Card, which features two accounts – a closed-loop account
    for transit payments and an optional reloadable prepaid card that can be
    used for everyday purchases everywhere Debit MasterCard is accepted. The
    prepaid card is an optional feature for cardholders who choose to upgrade
    and use the Money Network® MasterCard® Prepaid Debit Card.
  *Chicagoans and tourists will be able to pay for train and bus rides with
    any MasterCard PayPass or contactless payment card currently in their
    wallet to tap and pay at rail station turnstiles and on buses.

The card will eventually be sold in more than 2,000 retail stores and in more
than 400 vending machines in CTA rail stations while cash will continue to be
accepted in vending machines in CTA rail stations and on buses.

"MasterCard is the world's fastest payment processing network and First Data
is a global leader in payment processing and electronic commerce. They are
ideal partners as we develop a world-class open fare system to serve as a
model for transit agencies around the globe looking to modernize their fare
payment systems," said Richard Wunderle, senior vice president and general
manager for Cubic's North America operations. "MasterCard and First Data
clearly demonstrated their strong commitment to public transit, and we are
proud to have them on board."

The Ventra Card will be available to CTA and Pace's customer base beginning
this Summer 2013. The agencies combined provided more than 545.6 million rides
in 2012.

Increased Speed and Convenience Beyond Cash

"For more than a decade, 'Tap and Go™' cards have brought the convenience and
speed of PayPass technology to both consumers and merchants," said Michael
Cyr, executive vice president, MasterCard. "Now, the combination of PayPass
technology at the turnstile with the ability to provide additional purchasing
power in the prepaid card will give Chicagoland commuters less to carry in
their wallet, while helping to get to their destination and the activities
that matter most to them."

When activated, the Money Network® MasterCard® Prepaid Debit Account features
will allow cardholders to use the same Ventra Card that pays for train and bus
rides, to shop online, buy groceries, pay bills and get cash back at
merchants.

"Ventra will improve the rider experience by creating convenient connections
throughout the region with the latest in contactless card technology," said
Forrest Claypool, president, CTA. "Chicagoans will be the first in the U.S. to
enjoy this modern system which will meet their needs now and in the future."

"The Ventra Card is another great example of the growing utility offered to
consumers for prepaid debit cards," said Madeline K. Aufseeser, prepaid
industry senior analyst, Aite Group. "Prepaid debit cards are the fastest
growing segment of the card payment space with an expected continued 20
percent year over year growth rate through 2016 and dollar load values
exceeding US$106 billion."

Prepaid industry research shows that today's prepaid cards have mass market
appeal with cardholders who are diverse and educated. According to a study by
Aite Group, an independent research and advisory firm, 43 percent of today's
prepaid debit card users are Gen Yers, 30 percent are boomers, one-third earn
more than $45,000 a year, and 50 percent have a high school degree or higher.
Thirty-four percent of the educated have a college degree or higher.

"As payments and technology continue to converge in the world of Universal
Commerce, First Data is applying our 40 years of industry experience and
innovative capabilities to support new and emerging consumer use cases,
including contactless payments," said Mark Putman, senior vice president and
division manager of First Data Prepaid Solutions. "This unique one card, two
accounts program also offers Chicago transit riders financial service benefits
such as online bill payment, accepting pay with direct deposit and engaging in
cashless transactions--all useful to those with and without traditional bank
relationships."

About First Data

Around the world, every second of every day, First Data makes payment
transactions secure, fast and easy for merchants, financial institutions and
their customers. First Data leverages its vast product portfolio and expertise
to drive customer revenue and profitability. Whether the choice of payment is
by debit or credit card, gift card, check or mobile phone, online or at the
checkout counter, First Data takes every opportunity to go beyond the
transaction. More information about the company is available on FirstData.com
as well as on Twitter, LinkedIn, Facebook and YouTube.

About MasterCard

MasterCard (NYSE:MA), http://www.mastercard.com, is a technology company in
the global payments industry. We operate the world's fastest payments
processing network, connecting consumers, financial institutions, merchants,
governments and businesses in more than 210 countries and territories.
MasterCard's products and solutions make everyday commerce activities – such
as shopping, traveling, running a business and managing finances – easier,
more secure and more efficient for everyone. Follow us on Twitter
@MasterCardNews, join the discussion on the Cashless Conversations Blog and
subscribe for the latest news.

About Cubic

Cubic® Transportation Systems, Inc. is part of Cubic Corporation. Cubic
Corporation is the parent company of three major business segments: Defense
Systems, Mission Support Services and Transportation Systems. Cubic Defense
Systems is a leading provider of realistic combat training systems and defense
electronics. Mission Support Services is a leading provider of training,
operations, maintenance, technical and other support services for the US and
allied nations.

Cubic Transportation Systems, Inc., is a leading integrator of payment and
information technology and services for intelligent travel solutions. Cubic
delivers integrated solutions that help transport operators manage their
operations and services and give passengers choices in the smartest and
easiest ways to pay their fares. Cubic specializes in design, development,
manufacture, supply, installation, integration, services and information.
Services provided by Cubic include on-site management, central systems,
operations support, patron support, business support and field services.

Every year, nearly 10 billion rides are taken worldwide using Cubic payment
and information systems. Cubic has delivered over 400 projects in 40 major
markets on five continents. Active projects include London; Brisbane
(Southeast Queensland) region, Australia; New York/New Jersey region;
Washington, D.C. /Baltimore/Virginia region; Los Angeles region; San Diego
region; San Francisco region; Minneapolis/St. Paul; Chicago; Atlanta region;
Miami (South Florida) region; Vancouver and Edmonton, Canada; Sydney (New
South Wales), Germany; Australia; and Scandinavia.

For more information about Cubic, see the company's Web site at
http://www.cubic.com.

Contacts:

For Cubic Transportation Systems:
Montner & Associates
Debra Montner
203-226-9290 ext. 12 (office)
203-984-7861 (mobile)
dmontner(at)montner(dot)com

Cubic Corporation
Timothy A. Hill
858-505-2430 (office)
858-232-2927 (mobile)
timothy(dot)hill(at)cubic(dot)com

First Data
Kwiyoung Baumgarten
404-890-2713
Kwiyoung(dot)baumgarten(at)firstdata(dot)com

MasterCard
Seth Eisen
914-249-3153
seth_eisen(at)mastercard(dot)com

This article was originally distributed on PRWeb. For the original version
including any supplementary images or video, visit
http://www.prweb.com/releases/2013/6/prweb10871702.htm

CONTACT: Cubic Corporation
         Timothy Hill
         timothy.hill@cubic.com
         858-505-2430
 
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