Dear Governors Andrew Cuomo and Chris Christie,
Drivers from New York and New Jersey pay four billion dollars a year in tunnel, bridge and highway tolls. That costs our states about $100,000,000 in credit card processing fees when EZ PASS replenishes consumer’s accounts. Stop our money from being wasted.
New York and New Jersey should create design specifications for a Bitcoin payment system throughout the two-state network of highways. That should consist of converting EZ PASS to use Bitcoin on the backend, replenished by consumer Bitcoin wallets setup to work automatically as credit card payments do now. Along with that create the specifications for iOS and Android apps that would let consumers monitor their Bitcoin wallet payments. Those could be distributed freely. Then, whatever amount is appropriate, say $10,000,000 for argument sake, would be awarded to the technology or finance company that submitted the winning proposal for them to do the work. If no hardware change was necessary, if the current EZ PASS system works with a Bitcoin backend, the entire project might not cost very much at all.
Consumers would take care of the rest. The costs to pay the $1.50 to $15.00 tolls via Bitcoin would be next to nothing; there are no fees for Bitcoin transactions. As old EZ PASS’s are swapped out for the new ones, consumer accounts would be tied to Bitcoin exchanges instead of banks.
There should be an early 15% conversion rate amongst consumers, more if they were given even a nominal discount for using Bitcoin. Besides, it would just be cool. The minimal credit card charge per transaction at present is $0.35 plus a percentage of the cost of the transaction. Eliminating that fee from the toll would be incentive enough. Stop the wasteful payments.