Outfront Media Inc, one of the largest out-of-home media companies in the U.S., last week announced a strategic investment in Waltz (formerly Concord Payments), a New York City-based digital payment systems startup.

Waltz is said to be developing a mobile-focused transit fare payment system to provide a secure, fast, and efficient transaction between any smartphone and turnstiles, buses or platform validators, according to a press release. Waltz's product is intended to integrate with other large-scale payment system providers and third-party vendors.

Outfront said in the announcement it believes next-generation mobile payments at subway system turnstiles can create new ways for 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 of strategic planning and development for Outfront. "We're thrilled to work with Waltz to help transit operators revolutionize the transit experience."