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.
More top news
Dozens of women gathered on Westminster Bridge to form a human chain in a show of solidarity with the victims of Wednesday's terror attack.
In a wide-ranging Peston on Sunday interview, he said Parliament security needs reviewing and the PM's counter-terror strategy is flawed.
The terror attack carried out by Khalid Masood at Westminster that left four people dead lasted less than two minutes say police.