Transport for London (TfL) has confirmed the
introduction of a contactless payment scheme in partnership with
Visa, MasterCard and American Express on its bus routes.

The new payment technology, which will be
ready for the London 2012 Olympics, would not only reduce ticket
processing costs but also appeal more to the expected crowds of
tourists who are not familiar with the Oyster Card, TfL said in a

“Ticketing technology is now maturing and
could enable people to pay for their travel using credit or debit
cards, resulting in a simpler process for the customer,” said
Kulveer Ranger, London’s transport adviser.

TfL is following institutions like supermarket
giant Tesco, which is trialling contactless payment options. Its
Oyster card products will continue to operate as normal.

There are currently 9m contactless credit
cards in circulation.

Cards International broke the news that
MasterCard was in talks with TfL about the project in June.