SOURCE: Cubic Corporation
September 27, 2011 07:00 ET
CAMDEN, NJ--(Marketwire - Sep 27, 2011) - PATCO and Cubic Transportation Systems, the transportation segment of Cubic Corporation (NYSE : CUB), have partnered to provide Philadelphia/New Jersey region commuters with the first transit-branded, contactless Visa® prepaid card in the world. The new PATCO Wave & Pay ANYWHERE Visa® Prepaid Card began a 12-month pilot program on September 26. This marks the first time that consumers will be able to use the same transit payment card for both transit and retail purchases.
Cubic developed the pilot program to assist transit agencies that are facing shrinking budgets and are looking for ways to reduce costs of fare card operations and create avenues for additional revenues. This type of payment system -- called an "open-loop" payment system -- uses contactless bank cards that give users the opportunity to spend money wherever the card is accepted. The majority of transit fare cards in use today, such as the PATCO FREEDOM® Card, are closed loop payment systems, meaning they can only be used for transit payments.
"Cubic is excited about this opportunity to field the first full deployment of a general purpose reloadable prepaid card," said Steve Shewmaker, President of Cubic Transportation Systems Worldwide. "This is all about making life for the transit agency and their customers even more convenient."
The PATCO Wave & Pay ANYWHERE Visa Prepaid Card is a contactless, general purpose, reloadable card. It is one of the lowest fee prepaid cards on the market. To participate, PATCO riders can get a free PATCO Wave & Pay ANYWHERE Visa® Prepaid Card with no enrollment free from brand ambassadors who will be on site for the first two weeks of the pilot at six PATCO stations where special kiosks will be located to enable customers to load their cards. Customers can also order and register their cards online at www.PATCOpilot.com. Riders use the card to wave and pay at PATCO gates and parking terminals and anywhere Visa debit cards are accepted, including telephone and online purchases and bill payment. The cards can be loaded, reloaded and managed many ways, including online. Once the card has been registered, it is FDIC insured and can be used for cash back on purchases and for ATM withdrawals.
"We are pleased to partner with Cubic Transportation Systems and Visa on this groundbreaking pilot. Open payment is the future of transit fare collection, and with the PATCO Wave & Pay ANYWHERE Visa® Prepaid Card, we can ensure that all of our riders, regardless of whether or not they have a bank account, have access to a new level of payment convenience and security," said Delaware River Port Authority (DRPA) CEO and PATCO President, John J. Matheussen.
About Cubic Transportation Systems
Cubic Corporation (NYSE : CUB) is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems.
Cubic® Transportation Systems, Inc. is the world's leading turnkey solution provider of automated fare collection systems for public transport including bus, bus rapid transit, light rail, commuter rail, heavy rail, ferry and parking. Cubic's solutions and services include system design, central computer systems, equipment design and manufacturing, device-level software, integration, test, installation, warranty, maintenance, computer hosting services, call centre services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services.
Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection 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), Australia; and Scandinavia.
Cubic Defense Systems is a leading provider of realistic combat training systems, cyber technologies, asset tracking solutions, and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services. For more information about Cubic, see the company's website at www.cubic.com.
About PATCO and the Delaware River Port Authority
The Delaware River Port Authority is a regional transportation agency. DRPA owns and operates the Benjamin Franklin, Walt Whitman, Commodore Barry and Betsy Ross Bridges, and PATCO. The DRPA also owns the RiverLink Ferry.
The PATCO Wave & Pay ANYWHERE Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc, The Bancorp Bank, Member FDIC.
