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The CTA and Pace on Thursday announced a new card system that will allow customers to use one fare card on both public transit systems. It’ll replace your Chicago Card or Chicago Card Plus by 2014.

The system will also allow you to use a credit or debit card to pay — if it’s equipped with a special chip.

The Ventra system — whose name is derived from the Latin word “ventus,” meaning “wind” — will launch next summer. Riders will be able to buy single ride, one-day, seven-day or monthlong Ventra passes; current discounts will still apply.

Customers in a rush will be able to tap either a Ventra card or a credit card to quickly board trains and buses. CTA officials say the system is much faster than inserting cash into machines for tickets or even using cards with magnetic strips like the agency’s Chicago Card or Chicago Card Plus.

You’ll also be able to use a Ventra Card like a debit account and add money to pay for everyday purchases, like shopping online or paying bills.

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