09/27/2012 11:02 am ET

Chicago Transit Authority And Pace Announce Debit/Credit Card System To Pay Fares On The CTA, Pace Buses And Trains

The Chicago Transit Authority announced on Thursday a new fare system for CTA and Pace, using personal bank-issued debit and credit cards.

The new system, dubbed Ventra, will come in the form of a debit/credit card equipped with a "contactless chip." Much like Chicago Cards, the CTA said customers will need only tap their cards to board trains and buses. The system is expected to launch in the summer of 2013.

"Chicago will become the first major U.S. city to adopt an open fare system for transit," said CTA President Forrest Claypool.

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