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The MBTA has a $723m plan to change the way you pay for rides

Under the MBTA plan, CharlieCards would become extinct. –Aram Boghosian for The Boston Globe/File

The Massachusetts Bay Transportation Authority is nearing the next stop on its modernization journey.

On Monday, the agency will ask its board to approve a $723 million contract for a new fare collection system that would change how nearly every rider pays for trips and that should speed up bus and trolley rides.

“It is the single most important thing in terms of how our ridership is going to be interacting with the entire MBTA ecosystem,’’ said Luis Ramirez, the T’s general manager.

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