Outfront Media Inc. has announced a strategic investment in Waltz (formerly Concord Payments), a New York City-based digital payment systems start-up. Waltz is developing an intelligent mobile-focused transit fare payment system to provide a secure, fast, and efficient transaction between any smartphone and turnstiles, buses or platform validators. Waltz’s solution will also seamlessly integrate with other large-scale payment system providers and third-party vendors. Waltz anticipates that transforming analog ticketing and fare payment systems into a digital, smart and connected operation will benefit riders, dramatically reduce operating costs for transit systems and create new revenue opportunities for operators. Outfront Media believes next-generation mobile payments at subway system turnstiles can create new ways for our transit advertising partners to attract audience attention and provide an easy payment solution for all future transit commerce opportunities.
“Our investment in Waltz furthers Outfront’s mission to continue to enhance the transit ecosystem, benefiting municipalities, riders, and advertising partners,” said Andy Sriubas, executive vice president, strategic planning & development, Outfront Media. “We’re thrilled to work with Waltz to help transit operators revolutionize the transit experience.”
“Outfront’s support and vision for a holistic digital experience in the transit environment will advance our progress toward bringing this exciting mobile payment solution to transit systems,” said Matt Kopel, founder and chief executive officer, Waltz. “With Outfront’s extensive transit advertising experience and their innovative ON Smart Media platform, we are one step closer to creating a more convenient, seamless and secure passenger journey.”
