Transport for London (TfL) is to terminate a £100m per year Oyster contract.

The contract with Transys will end after a two year notice period.

In an official statement, TfL explained, "The Mayor and Transport for London are convinced that any new contract will deliver enhanced services for less money, driving significant savings."

Shashi Verma, TfL's director of fares and ticketing, commented, “Transport for London is committed to delivering value for money across all of its services. As part of this, we are looking at more cost effective ways to manage and develop the Oyster card system. We expect to save millions over the next few years.”