Transit payments are becoming faster, digital, and contact-free.

Paying for transportation runs the gamut from cash and checks to modern, contactless mobile apps that let riders pre-plan and pre-pay for trips. Financial institutions have an opportunity to support the millions of riders in the U.S. that use mass transit and other forms of transportation that constitute billions of payment transactions annually. The new mobile-based transit payment apps are not only digitizing cash and check payments at the fare box, but extending to mobile payments for other purchases along the journey.