TfL contactless deal to help London freeze fares
Wed 13 Jul 2016
Transport for London (TfL) has signed a £15 million deal with Cubic Transportation Systems (CTS), to allow the technology firm to sell its contactless payment system to other cities worldwide.
According to an official statement, London mayor Sadiq Khan said that the export deal should allow him to freeze tube and bus prices in the capital over the next four years, with revenue generated by other means.
‘I made a firm commitment to sell TfL’s expertise around the globe. We will use the income from those deals for further investment in new infrastructure and to freeze TfL fares,’ he said.
CTS, which already provides ticketing systems in cities including Sydney and Chicago, has never expanded its contactless payments technologies further than London and TfL. Now, given the opportunity to expand this technology and incorporate it into other city transport networks, CTS will be able to reach many more cities at a faster rate.
Shashi Verma, CTO at TfL, also commented in the statement that the agreement marks the great success that the transport group has experienced introducing contactless payments. ‘Contactless payments have completely transformed the way people pay for travel in London, and this deal will allow other world cities to benefit from the hard work we put into making the system work for our customers,’ he said.
Following the introduction of the Oyster card 13 years ago, TfL first trialled contactless payments on buses in 2012, before expanding the system to tube and rail journeys in the autumn of 2014.
The release further noted that more than 500 million journeys have been made by over 12 million unique credit and debit cards from 90 countries. TfL also explained that only 3% of tube passengers still pay in cash, and coins and notes are no longer accepted on London’s bus routes.
One in every ten contactless transactions in the UK is made through TfL, which makes it one of the country’s leading contactless organisations in the world.