| Code: 96183 |

TIN news:   Cubic Transportation Systems (CTS), a subsidiary of US-based firm Cubic Corporation, has signed a licensing agreement to use Transport for London's (TfL) contactless ticketing system.
The system was first launched on buses and then extended to underground and rail services. The licence will enable CTS to gain access to London’s contactless system, allowing it to be customised for transport systems in other world cities.
The deal, which is valued up to £15m, will help TfL freeze fares over the next four years.
"We will use the income from those deals for further investment in new infrastructure and to freeze TfL fares."
This is the first of a several planned agreements to sell TfL’s expertise both at home and abroad.
Mayor of London Sadiq Khan said: “I made a firm commitment to sell Transport for London’s expertise around the globe.
"We will use the income from those deals for further investment in new infrastructure and to freeze TfL fares.”
Cubic Transportation Systems president Matthew Cole said: “The challenges of mobility in 21st century cities, including access for all, inclusion, environmental concerns and the pressure of ever-growing populations, can only be met through cooperation and partnership.
"No single entity has all the answers and this agreement between Cubic and TfL sets a new standard in public / private partnerships for addressing these issues, and acknowledges the success of account-based payment for transit for which there is clear interest from many cities across the world.”
Earlier, TfL and CTS have partnered for the launch of Oyster card system in 2003 as well as worked together with the UK card industry to make TfL the first public transport provider in the world to accept contactless payment cards.
In December 2012, the contactless payment system was first launched on buses in London, and later expanded to cover Tube and rail services in September 2014.

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