It’s honestly impressive how many times the MTA managed to mess up a switch to contactless.
Fun fact: the same year Metrocard was rolled out to the general public (1997), Hong Kong introduced its Octopus card, a smartcard ticketing system. So Metrocard was to some extent dated on arrival.
The cards are stored value, so transactions happen instantly and can be automatically reloaded from a credit card. They also support non-payment-related functions, so you can e.g. register your Octopus as a building access card and not have to carry around a separate token.
Octopus, in contrast, is almost literally everywhere (except most taxis, sadly). You can use it to buy everything from groceries to petrol.
Exactly. I doubt it's been accepted anywhere since contactless Visa/Mastercard was introduced in the UK about 2007.
Also, technically, Octopus is a very special bank card, as it's regulated by the HKMA and has a deposits license.