New Oyster contract 'will provide better value for money'

Date: 18/8/2010

Transport for London (TfL) has initiated a new contract with Cubic for its Oyster card system in a bid to make efficiency savings.

The deal, which will be known as the Future Ticketing Agreement, will explore ways for the smartcard scheme to use new technology.

In order to comply with its £5 billion efficiency savings programme, TfL has brought the previous contract with Prestige Public Finance Initiative to an end.

Shashi Verma, Director of Fares and Ticketing at TfL, said the new agreement will deliver better value for money and investigate ways to make travel more convenient for Londoners.

Over seven million Oyster cards are in regular use and around 80 per cent of journeys made in the capital are with one of the smartcards.

TfL is currently putting an investment programme into operation, which will upgrade the tube network, build Crossrail and expand the Docklands Light Railway and the London Overground between now and 2018.

Posted by Mary Treen