Cubic Transportation Systems, North America’s largest smart card system and the designer and integrator of the TAP universal fare collection system, has won a six-year extension to its contract with the Los Angeles County Metro worth USD54.5 million.
The extension to the system support services contract covers the repair and maintenance of Metro’s fare collection and TAP equipment, as well as all the back-office data processing systems. The TAP system supports six rail lines, 80 stations, and over 4,000 buses regionally. Cubic maintains and supports more than 2,000 devices under this service contract.
Since the start of 2013, approximately 21 million TAP boardings are recorded monthly on the Metro network including about 16 million on buses and 5 million on the rail system. Also during this time, in a typical month, almost 1.5 million transactions are made on the rail ticket vending machines resulting in over $6 million in revenue.
Richard Wunderle, senior vice president and general manager of Cubic’s North America operations commented: “Our contract extension validates a client relationship of more than ten years. In that time, we have delivered not only a successful fare collection system but the services essential to keep the system operational.”
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.