WATCH: Two-hour Presto transfer will cost Toronto $20 million this year

Toronto will have to pay $20 million to keep the TTC's popular hop on-hop off transfer going.

The program allows Presto card users to get off a subway, streetcar, or bus and as long as they tap back on within a two-hour window, they won't be charged a second fare. 

More than 3.4 million rides have cashed in on the benefit since it was launched in late August 2018.

In a news conference at Osgoode Station Thursday, Mayor John Tory said he will be putting his full support behind the investments needed to maintain the program. That includes covering the cost of lost revenue because of the transfer.

"I think it will continue to be a good investment because it makes life more affordable and it makes life easier for people," Tory said.

He also believes it will coax drivers out of their cars so they won't be adding to gridlock and pollution.

Even though the program wasn't launched until late summer, Toronto spent $11 million on it in 2018.