The ionospheric effect plays a crucial role in the radio communications. For ionospheric observing and monitoring, the Global Navigation Satellite System (GNSS) has been widely utilized. The ionospheric condition can be characterized by the Total Electron Contents (TEC) and TEC Rate (TECR) calculated from the GNSS measurements. Currently, GNSS-based ionospheric observing and monitoring largely depend on a global fiducial network of GNSS receivers such as the International GNSS Service (IGS) network. We propose a new approach to observe the ionosphere by deploying a GNSS receiver on a Hong Kong Mass Transit Railway (MTR) train. We assessed the TECR derived from the MTR-based GNSS receiver by comparing it with the TECR derived from a static GNSS receiver. The results show that the Root-Mean-Squares (RMS) errors of the TECR derived from the MTR-based GNSS receiver is consistently approximately 23% higher than that derived from the static GNSS receiver. Despite the increased error, the findings suggest that the GNSS observation on a fast-moving platform is a feasible approach to observe the ionosphere over a large region in a rapid and cost-effective way.