Skip to main content

Contactless Payments Coming to London Buses

Transport for London has introduced contactless payments as a new way for travellers in the capital to pay for bus fares. The technology has been installed in the city's fleet of more than 8,500 buses, and it is hoped that the new method of payment will make transactions quicker and easier [1].

The New Technology

Contactless payments use a technology called NFC (Near Field Communication) to complete small value transactions. NFC readers are low-power transmitters that create a small electromagnetic field. When an NFC enabled chip is passed in front of this field, the reader is able to power the antenna inside the chip and transfer data to and from it. Bank cards which support contactless payment can use NFC to make quick, small payments which do not require Chip and PIN. When completing a transaction, customers simply lay their bank card flat on the NFC reader and, within seconds, the display will show that the amount has been deducted from the card. If the customer does not have enough money on their card, a red light will flash and they will have to find an alternative way to pay.

Easy and Convenient

The new contactless payment option will benefit casual and regular bus travellers, as well as bus drivers. The amount of time it takes to complete a transaction will be significantly reduced if more passengers use the new technology, and drivers won't have to spend as much time handling cash. Visitors and tourists to the capital can be intimidated by the busy transport network and the many different travel card and payment options available, so the convenience of being able to pay for a fare with a quick swipe of a card will come as a relief to many. For regular commuters, contactless payment can be a handy alternative if they don't have time to top-up their Oyster card or if they have forgotten it. Also, the cost of a single journey fare ticket is reduced from £2.40 to £1.40 if contactless payment is used instead of cash [2].

A Secure Way to Pay

Transport for London tested the new technology extensively before the roll out, and they are assuring passengers that it is completely safe and secure. Contactless payments use the same protection and safety measures as other card transactions, and in the unlikely circumstance that something does go wrong, customers will be able to seek compensation from both their bank and Transport for London.

Plans are under way for contactless payments to be integrated in the tube, tram and London overground networks. It is anticipated that Transport for London will save millions every year on reduced cash collection costs with the new technology, and customers will greatly benefit from the convenience of the new payment option.


This post has been supplied on behalf of payment processing provider, First Data Merchant Solutions.


Popular posts from this blog

Why it’s important to save for retirement

While retirement may seem far off in the distance for some, financial experts say you’re never too young to begin saving.  In fact, the earlier you calculate your retirement needs and start building your nest egg, the easier it will be to create a viable plan for the future. Many experts advise you begin saving a percentage of your income for retirement as soon as possible, no matter how little the contribution may be, as it’s possible the Social Security benefits millions of people currently depend on may be in jeopardy.

Low interest credit cards - how to make them work for you

Credit cards are borrowing instruments, unlike debit cards where you already have the money. Banks are there to make money too. Just like high street stores, they hope to maximise their profits within the rules. So it’s important to understand the basics and find a credit card that’s right for you – you can compare low APR credit cards here . Now you know the rules, let’s find out how to play the game. The financial services industry charges interest on the money that it lends out. Let us assume you borrow £100 on your credit card and keep it for exactly one year before you pay it back. For the purposes of this article, we will assume your loan attracts 8% interest per year, which is the Annual Percentage Rate, or APR for that particular transaction. Practical example

Basics of Stock Markets: The A-Z Quick Sheet for a Beginner-Level Investor

Several individuals wish to engage themselves in stock market and invest their money in stocks, but they don’t have an idea about Stock markets and how they work . In fact, there may be lot of info available to you, but they may all seem confusing without actually knowing the basics. This post aims at educating the beginners about the basics of stocks market. Read on to enlighten yourself about the A-Z of stock market. 

Looking For Ways To Finance Your Next Building Project? Look No Further

If you need money to start your next building project, you may be quite surprised by the number of different options you have. However, the options that will actually be available to you will depend on many different factors and these factors will decide how eligible for construction finance you are. In this short article, we will look at what you can borrow, how you can borrow, and what restrictions you might come across. Please note that while the information in this post is correct, your own personal situation will determine what the best course of action is for you. Speaking to an independent financial advisor will help you to see if you are eligible for construction finance and how to go about getting it. Different Types of Mortgages Let’s start with the different types of mortgages that may be available to you. Remember, whether one is better for your needs than another depends on many factors. Commercial Mortgages Let’s start with commercial mortgages because they a

Four factors that have fuelled city-centre living

Urban centres have become increasingly popular in recent years as both residential locations and as commercial space. This social change has been driven by a number of factors and has been reflected in the number of new property developments springing up in major cities around the UK. As space tends to be at a premium in urban areas, it has led to the construction of a greater number of apartments; potentially fuelling interest in block of flats insurance . So why have so many people decided that an apartment in a town is a better place to live than a larger house in the country? Here are four factors that are likely to have spurred on the rush for the city...

Manage Your Student Loan Debt Better in 2015

Image via gettyimages It is usually seen that most of the students fail to manage their student loan debts efficiently after their graduation. The reason is quite simple. Most of the students spend their earnings on comfort and luxuries instead of repaying their student loan debt. It has become comparatively easy to acquire student loans. However, each one of us should keep in mind the fact that repaying loans are not easy as borrowing it. This is why there arises the need of a proper strateg y when it comes to managing your loans. It is desirable to formulate these strategies while you are still in college instead of waiting until you get a good job. If you are one of this kind, here are some easy tips for you to manage your student loan debt better:

Learn how real estate agents value properties for sale

How do you get into real estate sales? Every owner wants to sell his property for its maximum value. And all too often they end up choosing a real estate agent simply based on who gives them the highest initial valuation. However, this will be a costly mistake. How your home is valued. If you make a mistake in the estimate, it is possible that it will be sold for a price that is less than the real value of the property. On the other hand, even overpriced homes will discourage potential buyers from viewing your home. Also, high selling prices can even result in a long wait before a good deal comes in or does not sell at all. Therefore, titration is recommended as a suitable agent. Here are some things that real estate agents consider during property valuation . But, few factors real estate agents consider when valuing a property. 1. Local services:   During property valuation, one of the main factors that can drive the sale price up is the actual area where the home is located. Aspects