Pay for the Subway Using Your iPhone

Mashable! — Visa has just rolled out a new pilot program that allows New Yorkers to pay subway, bus and train fares with a wave of their iPhones. ~ New York City Transit, NJ TRANSIT and the Port Authority of New York and New Jersey are participating in the pilot program. As part of the program, Visa is testing both payment cards and Visa payWave -enabled smartphones. ~ Rather than having to buy or refill a Metro card, travelers can just wave their phones in front of a contactless reader. ~ As we reported last month, Visa is also working with Bank of America to bring smartphone payments to retailers in New York City. ~ Smartphones that are equipped with a special sensor can transmit payment information to contactless card readers at fare gates. Not only does this help people get through transit stations more quickly; it also eliminates the need to buy a transit card or dig around in your purse for your existing pass. ~ Check out this video that Visa produced to show the smartWave wireless payment option