The decision to stop accepting cash fares on London buses reflects the changing way that people pay for goods and services in our city, including journeys on the bus network.
Paying with Oyster or a contactless payment card is not only the cheapest option, but also speeds up boarding times at bus stops and reduces delays.
It costs £24 million a year to accept cash on London's buses and by removing this option we will generate significant savings which, like all of our income, will be reinvested in improvements to the transport network.
London buses will go cashless from the middle of this year. Transport for London says money payments currently make up just 1% of journeys with contactless payments using bank cards becoming increasingly common.