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Yesterday, the Chicago Transit Authority (CTA) and Pace unveiled Ventra™, a new fare payment system designed to provide CTA and Pace riders with an easier way to pay for train and bus rides.

Available in September 2013, the new system will enable customers to pay for rides with the same methods they use for everyday purchases. They will be able to choose from these contactless payment methods: Ventra Cards; Ventra Tickets for a single ride and one-day passes; and personal bank-issued debit and credit cards equipped with a contactless chip, CTA officials said in a prepared statement.

The new system will mean riders will no longer have to carry multiple fare cards.

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

CTA has been working with Cubic Transportation Systems to design the new system since November 2011, when the agency awarded Cubic a $454 million contract.