1. Shashi Verma Director of Fares and Ticketing Transport for London

2. Oyster Business Case In the 1990s London Transport wanted: Congestion relief from increased gate throughput Fraud reduction from over-riding, lost and stolen passes, etc. Reduction in number of tickets sold

3. Recent successes Oyster on national rail – Final stage launched on 2 Jan 2010 – Goal was to bring all national rail stations in London within Oyster pay as you go; extends benefits of PAYG to all of London – Added 250 stations to existing network – Total of 615 rail stations and 8,300 buses now on Oyster – Dramatic traffic build-up with 2m national rail journeys per week on Oyster pay as you go Oyster on Thames river boats – Launched in November 2009 – Rapidly built up 25% of river boat traffic on pay as you go

4. Current challenges Despite the visible success of Oyster, ticketing still represents a difficult business model Need to think from first principles about models for revenue collection

5. 5 The future of money Contactless bankcard and mobile payment platforms finally seem to be appearing on the market

6. EMV on transport Needs to be fast with transaction speeds under 500ms New transaction model for complex transport needs New security solution to comply with PCI-DSS New back-office to aggregate taps and compute fares... And new way for transport system to work

7. Current state TfL Board approved project in autumn 2010 New readers being installed Back office in development in-house Security solution being developed Launch on buses before Olympics, rest of system later in 2012 System open to other transport operators

8. Shashi Verma Director of Fares and Ticketing Transport for London