First in Europe maybe...
Nokia maybe the first in Europe, but I've been able to do that on my Samsung phone in korea for almost 2 years.
I pay for the subway, buses, trains and the majority of taxis accept it. Heck, I can even use it at a lot of the smaller "7-11" type places and some of the larger department stores.
If I wanted to I could link my phone to my bank account and use it just like a debit card.
-Black Copter 'cuz I can't turn off the gps tracking in the damn thing.