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Later this summer, the Port Authority of New York and New Jersey, New York Metropolitan Transportation Authority and New Jersey Transit plan to sign a memorandum of understanding to develop guidelines for a regional smart card fare-collection system.

The agencies will create smart-card standards, discuss payment methods, explore potential revenue opportunities, develop and evaluate fare-collection pilot programs, and determine a financial plan to implement the system.

"Our goal is to bring together all of our transit agencies to develop a regional smart-card program that would ultimately provide thousands of people with a more convenient way to travel," said Port Authority Chairman Anthony Coscia in a prepared statement.