More than 625,000 contactless journeys are made on the Capital’s transport network every day. Over 180 million journeys have been made using contactless payments on London’s transport network in the first year since its launch, Transport for London (TfL) has announced. Contactless payments can be used on London Underground, tram, DLR, London Overground, buses, TfL Rail, the Emirates Air Line and most National Rail services in London. Payments using the technology now account for a fifth of all pay as you go journeys. Customers using contactless pay the same adult-rate pay as you go fare as Oyster.
Since launching on 16 September 2014, contactless payments now account for 20 per cent of all pay as you go journeys. Over 375,000 contactless journeys are made on Tube and Rail services and 250,000 on London Buses every day The busiest day for contactless payment journeys was on Friday 11 September 2015 when over 900,000 journeys were made.
The Mayor of London, Boris Johnson, said:
‘It’s been an astonishing 12 months with so many Londoners embracing contactless technology on our transport network. It is clear passengers love using the payments to travel, and why on earth not – it’s quick, it’s easy and ensures you get the best fare.”
TfL’s Director of Customer Experience, Shashi Verma, said:
„The first year of contactless payments on TfL services has been a huge success. Over 20 per cent of our pay as you go customers use contactless payment already because it is so quick and easy. There’s no need to top-up, you just touch in and out with your credit or debit card.”
Graham Peacop, Chief Executive of The UK Cards Association, said:
„Contactless payments in the UK have soared over the past 12 months, with spending in the first half of this year more than the whole of 2014 combined. We find that once people see how fast, easy and secure contactless is for travel, they then go on to use it in other places such as when shopping or eating out.”
Tami Hargreaves, Head of Contactless, Barclaycard, said:
‘The introduction of contactless travel across the London transport network has transformed how commuters travel around the city. Barclaycard data shows a 33 per cent increase in the use of contactless for eligible transactions over the last year and this sharp rise is largely accounted for by the increase in popularity of contactless payments on London’s trains and buses.”
Contactless payments were launched on London’s buses in December 2012.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”