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Read the press release here.

Lost Your MetroCard? Try Your iPhone

By Ben Fractenberg | September 23, 2010 7:14pm

By Ben Fractenberg

DNAinfo Reporter/Producer

MANHATTAN — It’s a phone. It’s an iPod. It’s a MetroCard?

Subway riders can now use their iPhone to pay for rides in select stations, WNBC-TV reported Thursday. It's done by using an app to pay by touching their phone to a Visa payWave sensor located in turnstiles.

The payWave system is being tested on 28 stops along the Lexington Avenue line, according to Visa.

People can also use their iPhones to pay for rides in more than 10,000 participating taxicabs, or when riding PATH trains and New Jersey Transit.

"Transit agencies the world over have one primary goal -- to get their customers to where they need to go quickly and efficiently," said global head of product, Visa Inc., Jim McCarthy in a statement.

The system aims to save people time and reduce costs for transit systems through lessening cash handling costs, the company said.