TfL to sell contactless ticketing around the world | RBS Invoice Finance

TfL to sell contactless ticketing around the world

Transport for London (TfL) has announced a deal that will see its contactless ticketing system around the world and net the organisation around £15 million.

The deal was stuck in partnership with smart card technology company Cubic Transportation Systems (CTS), which already provides similar systems to the transport authorities in cities such as Chicago, Sydney and Vancouver. Now the system, as well as the accumulated knowledge and data collected in London, will be sold around the world to other cities looking to mimic the system.

Contactless payments, which use special credit or debit cards as well as smart-payment-enabled mobile phones, were first introduced on London’s buses in December 2012. The system was subsequently expanded to cover rail services and the London Underground in September 2014.

Since being introduced across the Capital, the system has enabled more than 500 million journeys using more than 12 million credit and debit cards from around 90 countries across the globe. Now, the system will spread to other locations, as a key part of new London mayor Sadiq Khan’s manifesto commitment during his campaign.

Mr Khan said:

 

I made a firm commitment to sell Transport for London's expertise around the globe. We will use the income from those deals for further investment in new infrastructure and to freeze TfL fares.

 

Shashi Verma, the chief technology officer for TfL, added:

 

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.

 

For more news, views and reviews on funding and support for the UK transport sector follow us on Twitter @RBSIF.

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