Chicago possibly selling its fare collection system to a bank
The bank would not set fares, just collect them, and CTA would still get all fares that are collected.
But Huberman said as technology advances, it makes sense for CTA to get out of the fare-collection business and let a bank replace fare card machines with automatic tellers that could take your fare, deduct it from a credit or debit card, or dispense you money.
"People should be paying with their cell phone, they should be paying with credit cards, and other means, and we should have a third party who can monetize the advantage of having the largest ATM network in the city, that can monetize the value of being first to market in this particular region with what will certainly be a cashless society in the future."
Huberman did not address whether banks would be allowed to charge riders a fee to collect their fares, much like the charges banks impose for cash withdrawals.
He said the discussions were in the early stages.
CTA Looks At Selling Fare Collection System
05 March 2008
http://www.wbbm780.com/pages/1770557.php?What's in it for a bank? Of COURSE they will charge you a fee. that is huge revenue for banks...Fees.
And along with linking an account to your travel so will your trip be trackable and your name attached to the travel data. And then think of the advertising connections they will have to use this data for as well. And if they don't charge riders a fee to collect fares it will probably be supplemented with advertising.
Not only will the CTA have your passenger journey data, the financial institution will as well. And we know how the financial institutions' are regulated and the data given to the government...
also see :
UK Police make 3,000 requests for passenger journey data from Oyster cards
http://thementalmilitia.com/forums/index.php?&topic=17079.0for all the plans of major banks, telecoms and cities' various pilots and trials:
Cell Phone Service Providers Start Global NFC Initiativeyour phone as ID/payment
http://thementalmilitia.com/forums/index.php?&topic=16667.0