The frustration of losing or forgetting your Presto Card will soon be a thing of the past.

As of August 15, riders will be able to pay their TTC fare by tapping their debit or credit cards on PRESTO devices. Cards on smartphones and smartwatches will be accepted, too.

The payment option will be available on all TTC buses and streetcars, as well as at fare gates in subway stations. Transfers will work the same way, by tapping the same card within two hours. However, the payment option will only be available for adult fares.

READ: TTC to Increase Fares For Riders, Expands Budget By $53M

The option to pay a fare with a debit or credit card is already available on transit systems across the Greater Toronto Area, including on Mississauga’s MiWay transit system, York Region Transit, and Brampton Transit. Debit and credit card payments are also already accepted on GO Transit and the UP Express.

The "new and innovative" option will make fare payments easier, and travel more convenient, for transit riders, said Caroline Mulroney, Minister of Transportation.

"Giving people the option of paying with their debit or credit cards makes it easier for people to choose the TTC to get to work, school, or anywhere else. As a transit rider, I’m pleased to have new options for paying my fare quickly and conveniently," said Toronto Mayor Olivia Chow.

"As Mayor, I am committed to making the TTC more reliable and convenient for everyone, and today’s announcement is an exciting step in the right direction."

The Government of Ontario and Metrolinx also plan to introduce virtual PRESTO cards for mobile wallets in the coming months.