Oyster brand to be investigated to make life easier and more convenient for Londoners to travel.
Transport for London (TfL) has purchased the Oyster brand from the TranSys consortium.
TfL has already undertaken a trial of Oyster on bank cards and mobile phones, but the £1 million purchase of full rights on the Oyster brand will mean complete control over the investigation of options that make life easier and more convenient for Londoners to travel while also increasing accessibility.
Over seven million Oyster cards are in regular use in London and around 80 per cent of all journeys are made each day on the bus, Tube, DLR and London Overground using the card. It is also useable on National Rail commuter services and Thames Clipper river services.
The current TfL Private Finance Initiative (PFI) contract with the TranSys consortium will end in August 2010 when the new arrangement with Cubic Transportation Systems and HP Enterprise Services takes over, delivering better value for money and improvements to Oyster services for passengers across London.
The move is part of TfL’s £5 billion efficiency savings programme.
Further savings have also been realised by the early repayment of £101 million of PFI debt, as this debt has been re-paid approximately six months early, delivering £4 million savings in debt interest payments for TfL.
Ticketing system assets such as Oyster readers and validators, ticket gatelines, all London Underground retailing devices including ticket office and passenger operated machines, London Buses ticketing equipment and back office systems have now transferred to public control and the ownership of TfL as a result of early repayment of the PFI debt.
TranSys will continue to retain advertising rights on ticket gatelines and ticketing media until March 2015.
Kulveer Ranger, the Mayor of London's transport advisor, said: "Oyster has the potential to be used for so much more than simply getting around the Capital."
Further information:
Transport for London
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