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Transport for London Works on Next Generation Transport Payments Solution

An upgrade to TfL’s revenue collection system will combine its Oyster closed-loop transit card with an account-based contactless ticketing

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Transport for London Works on Next Generation Transport Payments Solution. Source: unsplash.com

Transport for London (TfL) is working on the integration of its Oyster transit card into an account-based ticketing system for contactless fare payments. This upgrade will be a part of the organisation’s wider innovation efforts presented in a call for competition issued by the transit agency’s trading arm, Transport Trading Ltd.

Known as Project Proteus, the integration will also enable the interchangeable use of payment devices. Thus, a passenger’s chosen payment card will be linked to their mobile devices, while validation hardware will be replaced to read the new Payment Account Reference (PAR) – a unique identifier associated with a specific cardholder PAN.

In addition, TfL is in “ongoing discussions” with the UK’s Department for Transport about another project. It is supposed to extend contactless ticketing to stations around London.

The agency is planning to launch the service in August 2024. The initial duration of the contract will be seven years, with an option to extend it to 12 years. The initial seven-year budget comprises of £800m (US$951m) and a total 12-year budget will equal £1.5bn (US$1.8bn).

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.