Transport for London (TfL) has launched a public proposal to seek customers’ views on the idea of discontinuing cash fare payment on all London buses by 2014, according to Kensington & Chelsea Today.
This year, cash fares will make up less than one percent of bus journeys – down from 25% in 2000. Paying with Oyster or contactless payment offers the cheapest fare, currently £1 less than a cash fare. Also, by removing the acceptance of cash, customers would benefit from improved boarding times at bus stops and reduced delays.
It costs £24 million a year to accept cash on buses and with so few customers paying cash it makes sense for us to consider removing it, said Leon Daniels, Managing Director for TfL Surface Transport. This savings could be reinvested into further improvements to the capital’s transport network.
TfL is also looking to introduce a new Oyster feature that will allow passengers to make one more bus journey if there are insufficient funds on their Oyster card – helping them to get home or to the nearest station or Oyster Ticket Stop. Any negative balance on the Oyster card would be corrected upon the next successful pay as you go top up.