In 2018, NFTA was in the process of implementing a major technology upgrade to its current fare collection system that included the incorporation of “smart cards”. Given the substantial change to the current process of fare collection, NFTA requested that TMD develop a model to identify and evaluate potential post-implementation financial impacts to annual passenger fare revenues on their bus and rail systems. The model predicted changes in fare revenue in response to: (1) assumed percentage shifts of all transactions from cash to credit/debit cards; (2) resulting percentage shifts among fare channels; and (3) assumed stored value on smart cards.