You'll be able to flash smart phones or tap credit cards to pay for bus and subway rides as a part of MTA's new fare payment system. 

But for those who may not have bank accounts or smart phones, there's another option. MTA Chairman Joe Lhota says riders will be able to buy new chip-based cards at retail shops.

"Just like you might buy a gift card for someone — $25 on Dunkin' Donuts — you can do the same thing and then use that on the subway system or the Long Island Railroad, Metro North."

The agency's board approved a $573 million contract to develop and roll out the new system at its board meeting on Wednesday, but the shift from old to new will take some time. Your trusty yellow-and-blue Metrocard will still be accepted through 2023.