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Today for the first time ever, London transit users can use a “wave & pay” contactless bank card to pay for their bus fares in London. It costs the same as using an Oyster Card. The “wave & pay” card is a solution to the frequent problem of users running to board a bus only to find that their contactless, preloaded “Oyster Card” has run out of credit.
The system has been under rigorous testing for a year and Transport for London is confident that it is secure. If anything were to go wrong, users have protection from both their bank and Transport for London in order to receive a full refund.
Cash has been phased out from Transport for London over the years as it is more expensive than contactless methods of payment. It costs more to collect cash, organize it, transport it securely, and account for it in addition to the time it takes for transit users to pay by cash when loading onto the bus.