Cubic and PATCO to End Successful Open Payment Program October 20

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Cubic Transportation Systems, Inc. has announced the end of the PATCO Open Payment Program. October 20 is the last day that commuters will be able to use the PATCO Wave & Pay ANYWHERE Visa® Prepaid Card, or any other contactless bank card, to pay for PATCO fares.

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I’m honored that Cubic chose PATCO for this program and believe that the information gained here will serve as the foundation for transit payment systems well into the future.

Cubic Transportation Systems, Inc., a business segment of Cubic Corporation (NYSE:CUB) and the leading integrator of payment and information technology and services for intelligent travel solutions, has announced the end of the PATCO Open Payment Program. October 20 is the last day that commuters will be able to use the PATCO Wave & Pay ANYWHERE Visa® Prepaid Card, or any other contactless bank card, to pay for PATCO fares. PATCO’s contactless Freedom Card will continue to be accepted, and commuters will still be able to use their Wave & Pay ANYWHERE Card for retail purchases, wherever Visa debit cards are accepted, until the card expires.

Officials from Cubic said the PATCO Open Payment Program provided Cubic with valuable technical information on the best practices for deploying and operating future contactless payment systems in other transportation systems. The company wanted to test its open payment account-based products and determine if people would use the same media as both their fare card and their retail spend card, and both objectives were successfully achieved.

“We thank all of the PATCO commuters in the Philadelphia region who helped make the Open Payment Program with the Wave & Pay ANYWHERE Visa Card and other major bank brands a tremendous success,” said Steve Shewmaker, president, Cubic Transportation Systems Worldwide. “We hope that during the past year we were able to help make commuting faster and more convenient for the cardholders. The information we gathered will go a long way in our efforts to create the payment programs of the future for transportation systems here in the United States and around the world.”

The PATCO Open Payment Program was launched in the fall of 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 were able to use a transit payment card for both transit and retail purchases. The new card, called the Wave & Pay ANYWHERE Visa Prepaid Card, debuted on September 26, 2011, as phase one of the PATCO open payment program.

In phase two of the program, commuters were able to use any contactless Visa, MasterCard, Discover or American Express card, or a virtual card in a mobile wallet, to make secure transit payments at PATCO gates and parking terminals. Riders were able to simply tap their cards and go, paying their fares with a quick flick of the wrist.

“We were pleased to be able to partner with Cubic and Visa on this groundbreaking program,” said Delaware River Port Authority (DRPA) CEO and PATCO President John J. Matheussen. “Our riders embraced the PATCO Wave & Pay ANYWHERE Visa Prepaid Card and I witnessed how it was able to speed riders through our stations. I’m honored that Cubic chose PATCO for this program and believe that the information gained here will serve as the foundation for transit payment systems well into the future.”

As of October 21, PATCO riders will no longer be able to use the Wave & Pay ANYWHERE Card at PATCO fare gates and parking lots. However, they will still be able to use the FREEDOM Card, PATCO’s contactless smart card that has been in use since 2007 in the smart card system designed and integrated by Cubic. The FREEDOM card can be purchased at any PATCO vending machine with cash, debit or credit card (Visa, MasterCard, or American Express). The FREEDOM card works for both trains and parking.

With very few exceptions, money that PATCO riders loaded on the Wave & Pay ANYWHERE Card for PATCO transportation will continue to be available for retail purchases until the card expiration date, and will continue to be accepted anywhere Visa prepaid cards are accepted until the card expires. All other Wave & Pay ANYWHERE Card Visa features, such as online bill pay, will continue until the card’s expiration date. Cardholders can check the balance on their cards by calling the toll free telephone number on the back of their card.

Cardholders can reload their cards at thousands of retailers that provide Visa ReadyLink loads, or online at http://www.visaprepaidprocessing.com/CUBIC/PATCO/Pages/SignIn.aspx. The red Wave & Pay kiosks will be removed from PATCO stations.

The PATCO Wave & Pay ANYWHERE 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® Transportation Systems, Inc., is part of Cubic Corporation (NYSE:CUB). Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services for U.S. and allied nations.

Cubic Transportation Systems, Inc., is a leading integrator of payment and information technology and services for intelligent travel solutions. Cubic delivers integrated solutions that help transport operators manage their operations and services and give passengers choices in the smartest and easiest ways to pay their fares. Cubic specializes in design, development, manufacture, supply, installation, integration, services and information. Services provided by Cubic include on-site management, central systems, operations support, patron support, business support and field services.

Every year, nearly 10 billion rides are taken worldwide using Cubic payment and information 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; Germany and Scandinavia.        

For more information about Cubic, see the company's website at http://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), 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 http://www.thebancorp.com.    

Contacts:

Bridget Paverd
GillespieHall
302-234-9500/cell 302-598-9567
bridget(at)gillespiehall(dot)com

Timothy A. Hill
Director of Corporate Communications
Cubic Corporation
858-505-2430 (office)
858-232-2927 (mobile)
timothy.hill(at)cubic(dot)com

Tim Ireland
Director of Corporate Communications
Delaware River Port Authority (PATCO)
PH: 856-968-2221

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