PATCO Pilot Moves Into Phase Two, Accepting MasterCard and Discover in Addition to Visa Contactless Payment Cards

PATCO Wave & Pay Card Pilot Program Introduces Ride Free for 100 Days Contest

Marketwired

CAMDEN, NJ--(Marketwire -04/04/12)- Cubic Transportation Systems, Inc., a business segment of Cubic Corporation (NYSE: CUB - News) and the integrator of intelligent transport systems and services that created the PATCO Wave & Pay ANYWHERE Visa® Prepaid Card, has announced Phase Two of the open payment pilot program. During Phase two, riders will be able to use a plastic contactless Visa, MasterCard or Discover card, or a virtual card in a mobile wallet, to make secure transit payments at PATCO (Port Authority Transit Corporation) gates and parking terminals.

Riders will simply tap their cards and go, paying their PATCO fares with a quick flick of the wrist.

Officials from Cubic said the PATCO pilot program is designed not only to speed riders through PATCO's stations, but also to gain valuable technical information on the best practices for deploying and operating future contactless payment systems in other transit systems. This will include Chicago where Cubic is under contract to deliver open payment.

"Cubic is excited about Phase Two of the PATCO pilot," said Steve Shewmaker, president, Cubic Transportation Systems Worldwide. "This is all about making wallets slimmer and life for the transit agency and their customers even more convenient."

In 2011, PATCO partnered with Cubic Transportation Systems to create the first transit-agency branded, all contactless Visa prepaid card in the world. This was one of the first times that consumers had been able to use the same transit payment card for both transit and retail purchases. That prepaid payment card, the Wave & Pay ANYWHERE Card, debuted on September 26, 2011, as Phase One of the PATCO pilot program.

"We are pleased to continue our partnership with Cubic and Visa on this groundbreaking pilot," said Delaware River Port Authority (DRPA) CEO and PATCO President John J. Matheussen. "Open payment -- combining a transit payment card with a full-service retail payment card -- is the future of transit fare collection. The PATCO Wave & Pay ANYWHERE Visa Prepaid Card ensures that all of our riders have access to a new level of payment convenience and security."

During Phase One, PATCO riders could pay all of their PATCO fees with the PATCO branded Wave & Pay card, and then use the same card to pick up a gallon of milk or a loaf of bread on the way home. There has never been an enrollment fee to acquire a Wave & Pay card and take part in the pilot program. Wave & Pay cards are still available for PATCO riders online at www.patcopilot.com/. Phase Two of the pilot program comes at the same time as Cubic's Ride Free for 100 Days Contest, open to all PATCO riders.

"We want to reward PATCO riders for participating in this pilot, and a contest with several winners is a fun way to do it," says Cubic's Steve Brunner, vice president and regional director for the Northeast and Mid-Atlantic. "Everyone with a registered Wave & Pay card is eligible to win, and the more times a PATCO rider taps his or her card at the PATCO gates, the more chances they have to win."

Three lucky PATCO riders will win $600, loaded directly on to their Wave & Pay cards. Prize winners will be selected at the end of March, April and May.

PATCO riders who do not yet have a Wave & Pay card can visit www.patcopilot.com/contest and complete the form to get a new card. There is no charge to get a Wave & Pay card, and no credit check is required. Once the new card is registered online, the cardholder is entered into the contest. Customers get a new chance to win every time they use their Wave & Pay cards.

PATCO riders who already have a registered Wave & Pay card can enter the contest at the same website, www.patcopilot.com/contest.

After the pilot ends, the PATCO Wave & Pay ANYWHERE Visa Prepaid Card will continue to be accepted everywhere Visa debit cards are accepted until the expiration date on the card. To follow the latest news and participate in the discussion, visit blog.PATCOpilot.com, follow the pilot on Twitter@waveNpayPATCO and Facebook.com/waveNpay. The PATCO Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The Bancorp Bank; Member FDIC.

About Cubic Transportation Systems
Cubic Corporation (NYSE: CUB - News) is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic® Transportation Systems, Inc. is the world's leading turnkey solution provider of automated fare collection systems for public transport including bus, bus rapid transit, light rail, commuter rail, heavy rail, ferry and parking. Cubic's solutions and services include system design, central computer systems, equipment design and manufacturing, device-level software, integration, test, installation, warranty, maintenance, computer hosting services, call centre services, card management and distribution services, financial clearing and settlement, multi-application support and outsourcing services.

Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems. Cubic has delivered over 400 projects in 40 major markets on five continents. Active projects include London; Brisbane (Southeast Queensland) region, Australia; New York / New Jersey region; Washington, D.C. / Baltimore / Virginia region; Los Angeles region; San Diego region; San Francisco region; Minneapolis/St. Paul; Chicago; Atlanta region; Miami (South Florida) region; Vancouver and Edmonton, Canada; Sydney (New South Wales), Australia; and Scandinavia.

Cubic Defense Systems is a leading provider of realistic combat training systems, cyber technologies, asset tracking solutions, and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services. For more information about Cubic, see the company's website at www.cubic.com

About PATCO and the Delaware River Port Authority
The Delaware River Port Authority is a regional transportation agency. DRPA owns and operates the Benjamin Franklin, Walt Whitman, Commodore Barry and Betsy Ross Bridges, and PATCO. The DRPA also owns the RiverLink Ferry.

About The Bancorp Payment Solutions Group
The Bancorp Payment Solutions Group, a division of The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK - News), offers secure, creative and innovative payment solutions to the prepaid card industry. As a leading issuer of prepaid cards, The Bancorp Payment Solutions Group contributes to the success of Fortune 500 companies through the development of cutting-edge prepaid card programs that meet the rapidly changing needs of the prepaid industry. Through long-standing relationships with the MasterCard, Visa, and Discover card associations, leading program managers and processors, The Bancorp Payment Solutions Group designs innovative and flexible prepaid card programs which deliver outstanding results. For more information about The Bancorp Payment Solutions Group please visit www.thebancorp.com.

Contact:

Jim Okerblom
jim.okerblom@cubic.com
858-505-2642

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