InComm Payments, a payments tech firm, announced that it has teamed up with Cuentas, Inc. (Nasdaq: CUEN & CUENW), a Fintech provider of mobile banking and payment solutions focused on Hispanic and Latino communities, in order to issue transit cards (tap and go) at participating retail locations throughout New York City.
Cuentas, in partnership with InComm Payments and prepaid telecom and digital provider SDI Black 011 (SDI), has “integrated with New York City’s new fare payment system to enable retail sales and reloads of transit cards,” according to a release.
Transit smart cards offer a convenient way for riders to make payments for public transportation. They are being accepted across all subway stations and “on all buses, allowing riders to tap and go throughout New York City,” the update confirmed.
Jeff Johnson, CEO of Cuentas, stated:
“Everyone needs a fast and easy way to pay for transit fares and making these cards available at retail locations gives all riders better access to the tap and go system. Our payments card technology, together with InComm Payments’ transit solutions and SDI’s retail software capabilities, are enabling access in this essential retail channel, with more locations to come online in the coming months.”
Michael Herold, VP of Business Development at InComm Payments, remarked:
“Transit programs like this need retail locations upon which riders can consistently rely. This retail access makes it easy for consumers, especially those who may be cash-preferred, to purchase fares and reload their transit accounts. These local retailers, meanwhile, benefit from the additional foot traffic.”
Riders are able to buy transit cards at retail and then tap and ride at participating New York City transit stations “throughout the region.”
After they’ve been acquired, the customers may reload their existing card “at any of these retail locations or in the Cuentas app.” Cuentas customers can also “use their Cuentas card and account to reload transit cards directly in the Cuentas app,” the announcement noted.
Transit cards “support a full-fare, pay-per-ride option, including free transfers. Additional fare options will be available during future phases of the rollout, including reduced fares, student fares, special programs, and more.”
As noted in a release, InComm Payments is a global platform focused on payments tech. Leveraging the latest technology and expertise, InComm Payments “delivers enhanced end-to-end payment platforms and emerging financial technology solutions that help businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments and financial services.”
As mentioned in the update, Cuentas, Inc. is a Fintech e-banking and e-commerce service provider “with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic and Latino population.”