The PFI contract was awarded in 1998 for a period of 17 years to install new fare collection equipment and so introduce the Oyster smart card system in 2003.
TranSys took on £190 million of debt to fund the PFI and TfL has repaid the outstanding £101 million. TfL has also purchased the rights to the Oyster brand for £1 million. TfL says the new contract with Cubic for all transport ticketing will save about £10 million a year.
TranSys took on £190 million of debt to fund the PFI and TfL has repaid the outstanding £101 million. TfL has also purchased the rights to the Oyster brand for £1 million. TfL says the new contract with Cubic for all transport ticketing will save about £10 million a year.
