SEPTA Announces Financing For New Electronic Fare System
January 27, 2011 - During its regular monthly meeting for January 2011, the SEPTA Board approved proposals to a fund fare modernization initiative; the purchase of new Regional Rail cars; and a major, long-needed station renovation project.
The first proposal authorized a loan commitment agreement with the Philadelphia Industrial Development Corp. (PIDC) Regional Center that will provide up to $175 million in funding for the New Payment Technology initiative. This includes the main "Smart Card" project, as well as related improvements to infrastructure, communications and customer service.
A modernized fare payment and collection system is critical to SEPTA's near- and long-term financial health, as illustrated by its inclusion as a key component of the Authority's Strategic Business Plan. The system will make fare collections more efficient, and its "open" nature is expected to attract new riders. Customers will be able to pay for travel on SEPTA trains, buses and trolleys using common retail methods such as bank cards, mobile devices, and other emerging "smart" technologies. It also means a move away from outdated fare instruments such as tokens and paper transfers.
"This action by the SEPTA Board marks a major milestone in our efforts to provide our loyal customers with state-of-the-art, convenient and efficient service and equipment," said SEPTA General Manager Joseph M. Casey.
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