The MBTA fiscal control board on Monday agreed to a $723 million overhaul of the transit system's fare collection, which in a couple of years will allow riders to use their credit cards or smartphones.

Fare cards won't be going away: Under the new system, every fare vending machine will dispense cards, and there will be fare vending machines that run on solar power.

But state transportation officials expect most riders to use their phone or credit cards.

"You won't have to pay on board anymore and hold up the line," David Block-Schachter, the MBTA's chief technology officer, told the members of the board before their vote.

But Gov. Charlie Baker's transportation chief, Stephanie Pollack, stressed, "This is not a cashless system."

Cash won't be necessary when you're on public transit, since you would load up your account before you board, through fare vending machines at stations, bus stops and elsewhere, she said.

Riders will start to see changes to the current system in 2019, when installation of the new system starts.

The 13-year performance-based contract will be for installation, maintenance and operations of the new system. The Cubic-John Laing consortium won the contract with their proposal.