Cubic Awarded $39 Million Contract to Provide Equipment for New York Metropolitan Transportation Authority’s New Fare Payment System

Rhea-AI Summary

Cubic Corporation (NYSE:CUB) announced a $39 million contract option with the New York Metropolitan Transportation Authority (MTA) to upgrade the fare payment system for Long Island Rail Road and Metro-North Railroad. This upgrade will enhance the OMNY system, enabling an account-based contactless fare payment system across New York City transit. The new system will offer diverse payment options, including mobile apps and digital wallets, and will ensure 24/7 self-service for fare management. Cubic has been involved in designing the OMNY system since 2017.

Positive

• Awarded a $39 million contract with MTA, enhancing the OMNY system.
• Expands contactless fare payment options for Long Island Rail Road and Metro-North Railroad riders.
• Improves customer access to payment methods like mobile apps and digital wallets.

Negative

• None.

Cubic Corporation (NYSE:CUB) today announced its Cubic Transportation Systems (CTS) business division was awarded a contract option worth $39 million by the New York Metropolitan Transportation Authority (MTA) to upgrade the fare payment system for Long Island Rail Road and Metro-North Railroad. This contract expands phase four of the OMNY contract with MTA to upgrade legacy systems to a new account-based contactless fare payment system for New York City transit, MTA bus and railroads.

“We are excited to continue our partnership with MTA and begin the work to deliver a contactless fare payment system for all riders on Long Island Rail Road and Metro-North Railroad,” said Steve Brunner, senior vice president and general manager of North America, East for Cubic Transportation Systems.

For phase four, Cubic will install vending machines and ticket office machines for the sale of fare media to travel on Long Island Rail Road and Metro-North Railroad. Once deployed, riders on Long Island Rail Road and Metro-North Railroad will have access to an account-based, fare payment system allowing customers to leverage the diverse payment options associated with OMNY, such as a mobile app, digital wallets (e.g., Apple Pay, Google Pay, and Samsung Pay), contactless bank cards and MTA-issued contactless transit cards.

When completed, OMNY will provide customers with multiple 24/7 self-service options for managing their accounts and options to purchase and reload fare media online, at local retailers and at the railroads and NYC transit stations. Cubic was selected in 2017 to design and build the OMNY system for MTA.

About Cubic Corporation

Cubic is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness. Our teams innovate to make a positive difference in people’s lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation. For more information about Cubic, please visit www.cubic.com or on Twitter @CubicCorp.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210205005541/en/

FAQ

What is the contract awarded to Cubic Corporation by MTA for?

Cubic Corporation was awarded a $39 million contract to upgrade the fare payment system for Long Island Rail Road and Metro-North Railroad.

How will the OMNY system benefit riders?

The OMNY system will allow riders to use diverse payment options, including mobile apps and contactless bank cards.

When did Cubic Corporation start working on the OMNY system?

Cubic Corporation was selected in 2017 to design and build the OMNY system for MTA.

What payment options will be available through the new fare system?

Riders will have access to payment options like Apple Pay, Google Pay, Samsung Pay, and MTA-issued contactless transit cards.