Boris Johnson has terminated Transport for London’s £100m a year contract with TranSys, the company which operates the capital’s Oyster card.
According to Transport for London (TfL) the Mayor has used a break option to end the existing agreement.
A new contract will be put out to tender and the Mayor and TfL say they expect any future deal to deliver “enhanced services for less money” and lead to savings in the cost of administering the scheme.
Shashi Verma, TfL’s Director of Fares and Ticketing said: ‘Transport for London is committed to delivering value for money across all of its services.
‘As part of this we are looking at more cost effective ways to manage and develop the Oyster card system that we expect will save millions over the next few years.
‘The savings will be reinvested to deliver further improvements in London’s transport system.’
The 17 year contract was awarded to TranSys, owned by EDS International Ltd, Fujitsu Services Ltd. and WS Atkins Consultants Ltd, in 1998.
According to official figures from TfL there are over 6 million Oyster cards in use and thirty-eight million journeys are made each week using the cards.
