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Mayor of London, Ken Livingstone:

'Many more passengers will now be able to travel on our network with this 21st Century card in their pocket. Nearly three million journeys are made in London every day with Oyster, making it a world leader in smartcard ticketing.

'Oyster is already speeding up the bus service, reducing queues at Tube stations and helping to take cash off the buses. Daily price capping will allow passengers who usually buy Day Travelcards, One Day Bus Passes or pay cash for single trips to benefit from quicker journeys and easier payment options. Oyster offers a safer alternative to paper tickets because it reduces ticket touting and you don't need to take the card out of its wallet.'