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NYC Subway’s New Way to Pay Prompts Banks to Update Cards

  • Visa says number of tap-to-pay cards will triple next year
  • JPMorgan is a leader, with 20 million contactless cards issued
Bloomberg business news
Visa CEO Al Kelly talks about the company’s partnership with the MTA to bring tap-to-pay to New York City. Source: Bloomberg)
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New Yorkers won’t have to worry much longer about perfecting their subway swipe.

More than 20 years after the initial switch to MetroCards from tokens, the Metropolitan Transportation Authority is unveiling the ability to use tap-to-pay credit and debit cards for subway and bus fares. And it’s not just public transportation. Visa Inc. says 80 of the top 100 U.S. retailers now accept the cards, with companies including Target Corp. and CVS Health Corp. adding the technology in recent months.