TfL signs with Cubic to develop Oyster technology

TfL now owns the Oyster brand and intends to further develop the technology

Transport for London (TfL) has signed a new agreement with Cubic Transportation Systems for the future management and development of the Oyster card system.

TfL said that its new contract with Cubic will deliver £30m of savings over three years – £10m per annum – as part of TfL's £5bn efficiency programme.

The deal replaces the existing Public Finance Initiative contract with Transys Consortium and gives TfL full control of the Oyster brand. It is now looking to explore the potential for Oyster to be extended to new and existing technologies.

“TfL has already undertaken a trial of Oyster on bank cards and mobile phones but now that we have complete control over the Oyster brand we can investigate options that make life easier and more convenient for Londoners to travel while also increasing the accessibility of Oyster,” said Shashi Verma, TfL's director of fares and ticketing.

The cancellation of the Transys contract was announced in 2008 but due to contractual agreements, TfL was forced to wait until this month to end its relationship with the technology provider.